Stellar Advances in Points to Bigger Bullish Rally
The STR/USDT pair became bearish in July after it broke crucial support at 0.03025151. The market established a low at 0.00625884 mid September and has been rallying since. It reclaimed 0.03025151 a month later. The pair will likely remain bullish as long as it is above that level.
Currently, the market is forming a large bullish continuation pattern that has the potential to take the pair into a new all-time high. The key area to breach is major resistance at 0.05060355. Breakout at that level will attract speculators and traders, and give the market enough momentum to reach the target of 0.09000000. As always, keep an eye out for volume. STR/USDT must print volume of above 184,058 USDT on Poloniex to validate the breakout.
So, the strategy is to buy as close to the next support level of 0.03754179. Technical indicators show that the market is not yet ready to make its move which gives you a chance to place your orders. Should the pair become aggressively bullish, buy on breakout after confirmation of volume.
Summary of Strategy
Buy: as close to 0.03754179 OR confirmed breakout at 0.05060355 with volume of above 184,058 USDT at Poloniex
Stop: close below 0.02950326
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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