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Weekly Starts: Stratis (STRAT), BitTorrent (BTT), NEM (XEM) keep eye on them

Bitcoin exceeded expectations during the last two weeks after the break of resistance around $9,000.

The weekly close suggest that a retracement or consolidation period is coming. If so, a range between approximately $11,500 and $9,500 may provide some scalping opportunities. Overall, Bitcoin remains bullish, with the lagging span and price trading above the Ichimoku cloud for the first time in over a year.

The altcoin marketcap continues to gradually climb as many coins approach long-term historical bottoms. If Bitcoin does form a range, a mini-altseason could be coming. Keep an eye on these three coins with events during the next week.

Stratis (STRAT)
$0.853349 (-1.91 %)
฿0.00008377 (6.07 %)
Market Cap
$84 813 454
฿8 325.54
Volume (24h)
$2 634 514

STRAT has been in a downtrend for over two years. That may be coming to an end.

On Saturday, price bounced off the EQ of the weekly orderblock from which the massive pump in early 2017 began. This level is significant, due to the strength of the 2017 bull run.

Price also appears to be nearing the end of a falling wedge, which is typically a bullish pattern. 

On a shorter timescale, the Ichimoku indicator is forming a c-clamp, which often results in a short-term correction – in this case, to the upside. 

The release of the sidechain masternodes and smart contracts today might give fundamental reasons for STRAT to confirm the current zone as a bottom.

BitTorrent (BTT)
$0.001357 (2.05 %)
฿0.00000013 (9.63 %)
Market Cap
$287 935 165
฿28 264.58
Volume (24h)
$177 655 952
฿17 439.24

After a short bull run in May, the price of BTT bled out over June. However, the price seems to be forming a double bottom at 0.00000011.

Probable resistance lies at the overlap of a daily and a weekly orderblock around 0.00000018. If this resistance holds, we might see a several month range build between this support and resistance.

Today, the BTFS file system releases on the testnet. This release may tilt price in favor of the bulls and increase the probability that the recent highs will be re-tested.

$0.087008 (-5.46 %)
฿0.00000854 (2.88 %)
Market Cap
$783 070 679
฿76 868.56
Volume (24h)
$43 304 188
฿4 250.87

On the weekly chart, NEM/XEM is forming a massive falling wedge that began in September 2018.

Last week, the price may have formed a double bottom around 0.00000750, just above an overlap in weekly orderblocks. A small surge in volume on Binance accompanied this bottom, although it remains to be seen whether it can sustain the bounce.

If this level fails to hold, another probable support lies near the EQs of overlapping weekly orderblocks around 0.00000420. It may be that the addition of XEM to the Pundi X payment platform today helps bulls confirm this double bottom.


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