Stratis - Accumulation zone at strong support levels
Updated
In our previous post, we emphasized on picking fundamentally strong projects trading at deep discounts. Stratis Platform (token: BINANCE:STRATBTC) is another project that we feel may outperform the Market as the dust settles.
Stratis Platform:
The Stratis Platform offers simple and affordable end-to-end solutions for development, testing and deployment of native C# blockchain applications on the .Net framework. With their development platform and team, building and deploying complex blockchain apps becomes a breeze. The token BINANCE:STRATBTC acts as a vehicle for value transfer on the Stratis Marketplace. Prominent use cases for the platform include Transparency of Scientific publications, Product tracking and verification, data management for IoT projects, and Fintech.
The project's Market Capitalization reached an all time high of over 22B back in January 2018. However, it was not sustainable due to uncertain market conditions at the time. Today, it stands at 271M, trading at a discount of roughly ~90% versus ~65% discount in total Market Capitalization. Having said that, the project by every means is stable and backed by a determined team and a powerful community.
Price Outlook:
BINANCE:STRATBTC currently trades at a crucial horizontal support, with clear technical indications of a sustainable reversal. The horizontal support at 35295 Satoshi (Marked as dotted blue line on the chart) plays a strong role in previous reversals. Our observations include:
1. Strong Horizontal support at 35295 Satoshi - It has proven to be a strong reversal point in past.
2. Rising volumes as the Price and RSI diverge - Technically considered as one of the prominent signs of price reversal.
3. Demand backed by Value hunters as Market offers attractive valuations across the board - Value hunters are long terms holders that invest significant amounts in high potential projects for usually a long period of time, not focusing
on short term gains.
Execution Plan:
Considering the ongoing price action, following is our proposed execution plan for the trade:
Buying Zone: We recommend accumulating the coin between ~35295 Satoshi to ~36700 Satoshi. The identified level is above the critical support as mentioned above, and honours the divergence.
Stop Loss: A closing based stop below ~34350 Satoshi, offering a risk to reward ratio of over ~5 against the first target.
Technical Triggers: A day close above ~38600 Satoshi changes the trend as price crosses the 21 days moving average, targeting the 50 days moving average.
Price Projection: Our targets are based on various technical factors. Our First target for this position is at ~42600 Satoshi , offering over ~20% return. Other targets are illustrated on the chart, and we plan to trail our stops after the first target has been achieved.
Please feel free to leave comments and get in touch with us on Twitter: @Bitbloxx1
Happy Trading!
Stratis Platform:
The Stratis Platform offers simple and affordable end-to-end solutions for development, testing and deployment of native C# blockchain applications on the .Net framework. With their development platform and team, building and deploying complex blockchain apps becomes a breeze. The token BINANCE:STRATBTC acts as a vehicle for value transfer on the Stratis Marketplace. Prominent use cases for the platform include Transparency of Scientific publications, Product tracking and verification, data management for IoT projects, and Fintech.
The project's Market Capitalization reached an all time high of over 22B back in January 2018. However, it was not sustainable due to uncertain market conditions at the time. Today, it stands at 271M, trading at a discount of roughly ~90% versus ~65% discount in total Market Capitalization. Having said that, the project by every means is stable and backed by a determined team and a powerful community.
Price Outlook:
BINANCE:STRATBTC currently trades at a crucial horizontal support, with clear technical indications of a sustainable reversal. The horizontal support at 35295 Satoshi (Marked as dotted blue line on the chart) plays a strong role in previous reversals. Our observations include:
1. Strong Horizontal support at 35295 Satoshi - It has proven to be a strong reversal point in past.
2. Rising volumes as the Price and RSI diverge - Technically considered as one of the prominent signs of price reversal.
3. Demand backed by Value hunters as Market offers attractive valuations across the board - Value hunters are long terms holders that invest significant amounts in high potential projects for usually a long period of time, not focusing
on short term gains.
Execution Plan:
Considering the ongoing price action, following is our proposed execution plan for the trade:
Buying Zone: We recommend accumulating the coin between ~35295 Satoshi to ~36700 Satoshi. The identified level is above the critical support as mentioned above, and honours the divergence.
Stop Loss: A closing based stop below ~34350 Satoshi, offering a risk to reward ratio of over ~5 against the first target.
Technical Triggers: A day close above ~38600 Satoshi changes the trend as price crosses the 21 days moving average, targeting the 50 days moving average.
Price Projection: Our targets are based on various technical factors. Our First target for this position is at ~42600 Satoshi , offering over ~20% return. Other targets are illustrated on the chart, and we plan to trail our stops after the first target has been achieved.
Please feel free to leave comments and get in touch with us on Twitter: @Bitbloxx1
Happy Trading!
Trade closed: stop reached
Closing based stop executed.
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