STRATBTC short, Elliot waves identified, altcoin market analysis
Stratis is falling to two possible levels. The first is the support level at 0.00217, which coincides with the 61.8% fib retracement when drawn from point C to point 5 (the second Elliot wave cycle).
The second is 0.00184, the 61.8% fib retracement from the start of the first Elliot wave cycle where the massive upswing first began.
Originally I felt confident that Stratis would not fall below the support at 0.00217 however as buyers failed to appear during the last few weeks I now feel that we will see a fall to the 0.00184 level. This is because the outlook for altcoins is bearish during July as we can expect a lot of people to take money from altcoins that have a $ price correlated with BTC due to bip148 on August 1st. Additionally, we recently has a minor break below the 50 day EMA and I think we will see the price fall close to the 100 day EMA which should occur very close to the 0.00184 level.
The results of some recent surveys on people's plans to keep their money safe during bip148 suggest that majority of people are either looking to take their money away from crypto to fiat, invest in litecoin or HODL BTC but very few said they would be looking to other altcoins.
Therefore overall I believe we will see first another fall to 0.00217, followed by a minor rebound then another fall down to 0.00184 in mid to late July. After 1st August I think we will return to the bull trend with the start of a new Elliot Wave cycle and can expect some large gains from there as the long term outlook for Stratis is very strong.
The second is 0.00184, the 61.8% fib retracement from the start of the first Elliot wave cycle where the massive upswing first began.
Originally I felt confident that Stratis would not fall below the support at 0.00217 however as buyers failed to appear during the last few weeks I now feel that we will see a fall to the 0.00184 level. This is because the outlook for altcoins is bearish during July as we can expect a lot of people to take money from altcoins that have a $ price correlated with BTC due to bip148 on August 1st. Additionally, we recently has a minor break below the 50 day EMA and I think we will see the price fall close to the 100 day EMA which should occur very close to the 0.00184 level.
The results of some recent surveys on people's plans to keep their money safe during bip148 suggest that majority of people are either looking to take their money away from crypto to fiat, invest in litecoin or HODL BTC but very few said they would be looking to other altcoins.
Therefore overall I believe we will see first another fall to 0.00217, followed by a minor rebound then another fall down to 0.00184 in mid to late July. After 1st August I think we will return to the bull trend with the start of a new Elliot Wave cycle and can expect some large gains from there as the long term outlook for Stratis is very strong.
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