Cheap Buying Opportunity for $STRAT
Updated
Hi friends! Welcome to PoopTrader's very first trading Idea. Will be picking SSTRAT coz we all know everyone went crazy bullish about it since last week and most people don't know what they are heading to. Don't get me wrong I'm also bullish for strat long term but we may not get to the moon anytime soon as we think.
Why I'm bearish on SSTRAT short term?
First, for the past 2 months SSTRAT had been forming a bearish gartley pattern called the bearish butterfly and this pattern started to reveal itself last week and its becoming more evident as strat rises.
Second, It broke below its recent trend support line which was confirmed when 12 and 25 EMA on 1HR chart failed to act as a support.
Third, There a bearish divergence signa on the 4H and 1H Chart.
If this assumption fails, SSTRAT will likely rise a bit and will form yet another bearish pattern which is a rising wedge. So either way, you will have a chance for a cheaper strat.
In conclusion, everything about strat is bearish and if you have it right now, its not yet to late to take profits. If you are planning to have it, we have all the time to wait for a good entry. I will start looking for a bounce once it hits 0.00021 to 0.00026 fib zone.
This is just a guide, not a trading advise.
Hit like and follow for more chart updates!
Thanks
-Your Poop Trader
Why I'm bearish on SSTRAT short term?
First, for the past 2 months SSTRAT had been forming a bearish gartley pattern called the bearish butterfly and this pattern started to reveal itself last week and its becoming more evident as strat rises.
Second, It broke below its recent trend support line which was confirmed when 12 and 25 EMA on 1HR chart failed to act as a support.
Third, There a bearish divergence signa on the 4H and 1H Chart.
If this assumption fails, SSTRAT will likely rise a bit and will form yet another bearish pattern which is a rising wedge. So either way, you will have a chance for a cheaper strat.
In conclusion, everything about strat is bearish and if you have it right now, its not yet to late to take profits. If you are planning to have it, we have all the time to wait for a good entry. I will start looking for a bounce once it hits 0.00021 to 0.00026 fib zone.
This is just a guide, not a trading advise.
Hit like and follow for more chart updates!
Thanks
-Your Poop Trader
Note
downside move startingNote
Three black crows, a bad omen for SSTRATNote
Looks like SSTRAT has bottomed at .00026, The next touch at the resistance turned support of the falling wedge is a buy. This could retest the previous high. Target 50%Note
Next resistance tested.Note
SSTRAT broke above its accumulation channel for the 2nd time with a very huge volume. if we break above the trendline (black in the chart) we will see a very huge, confirmed inverse head and shoulders that may take us back to strat's 2018 high.Note
A bounce at the channel support. Target= Channel resistance. Trade closed: target reached
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