#STORJBTC - Retracement After BreakouttheCrypster -
After a nice 20% break upward of the pretty clear wedge #Storj had been trending for a while, we can now see a retracement forming as the price will be heading back down to recent support levels.
We should be expecting a drop of around 15% before support shows it's strength.
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Storjbtcshort
STORJ BTC explaination of my previous analysis and resistances Hello everyone on my update of STORJ BTC analysis.
After my last analysis of this pair I have received a lot of PM that my analysis didn't work out. As i don't want to explain this to each one of PM I decided that I will write it here so that everyone can educate themselves.
1. Yes price went over my resistance but no one mentioned that price at end of the day closed below the levels that I pointed out and as a matter of facts this mean that resistance worked out ! there was a test of breaking this resistance but was unsuccessful and that matters. I know that this breakout was huge but it was driven by momentum and hype, normally breakout of this kind of strong resistances don't have that big moves but anomalies happen.
2. Why it is important to keep in mind resistances? Because often price does a bigger correction at certain points, nothing goes UP forever.
3. Why is it important to take some profits at resistance levels? Because you have to keep in mind that some resistances might work as trend reversals and you may never get the same price or you will have to wait for a long time.
I hope this 3 information will clarify my previous analysis.
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
"A is for my attitude working through the patience
Money comes and goes so the M is for motivation
Gotta stay consistent, the P is to persevere..."
