#Stratis currently trades below the trend line support that kept the price action above it for the last couple of weeks. Before that, the coin created a perfect rotation lower after it re-tested horizontal resistance, previous support. This move created further issues and problems for the bulls as they were unable to push the price above the trend line . Moreover, the pair pushed through 127.2% Fibonacci support without bigger problems as it looks to continue its downside move and test the key 161.8% Fibonacci support zone , currently around 0.0002100. The key to future price action is whether we close below or above the trend line at end of this week. The weekly close below the support line will bring more pressure for the bulls as many of those hoping for a bounce will look to leave their positions. If you are looking to go long #Stratis, wait for the move to 161.8% and then use that support as your risk level.
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🌐 Original post in our Tradingview profile
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