Stratis' is still following the fractal , but it's lacking the conviction though. This is obviously the fault of Bitcoin , since it is not moving or going up. Objectively, this is not a good sign. It could still play out, the rally, but it has to happen soon. There is not much room left. I think if the curved blue line breaks, it will probably start to drop again. If we zoom out to the daily chart , we can see the breakout is going sideways, this is usually a sign that it will fail and will drop sooner or later.
On the low time frame there is small bull flag in the making from this last push up. Normally that flag should not fail, since it already made a small breakout.
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Previous analysis:
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With the market dropping, this one broke the neckline of the inverse H&S and moved up. Volume is increasing as well, so starting to look better now. But it's important that buyers hold it now. If we want to see a big rally like the fractal, we need much more than this. The neckline seems to be clear now and it should stay above it this time.
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Bumping against resistance, we got a decent move up yesterday and it got rejected. But now it is against a big resistance again and looks like it will break if bitcoin can get above the 3900ish.
The whole rally has been quite week so far, so this one really has to play catch up, make a big push up, otherwise it means the market has no interest in this one
Thanks for your analysis! What would the target be?
botje11
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@Chichuli, Your welcome :), i don't have a target, since i don't know yet what Bitcoin will do coming weeks. It could be a modest target, it could be a big pump