Potential bull pennant to complete in the next few days (12 hour chart)
The base on the pennant is not very well defined and the volume profile does not look perfect but the potential is certainly there.
Should you long?
I have my cold storage that I am happy to ride out but with my trading stash I'll be looking for it to break up out of the pennant with above average volume before I long. Will coincide with a support area at around $340. So I will be looking to buy at around $350 and increase around $420 remember if this is indeed a bull pennant the targets for a breakout are (using fib levels) around $600 or $1,000.
Is there a possible short
I won't be joining you on this one but bull pennants only trend to break up, they still break down a significant percentage of the time. Personally I don't short things that I think will raise in value in the long term.
Bearing that in mind if you are looking to short, I'd be looking for a similar sign as to the break up, for it to drop below the pennant on significant volume. I'd look to get in if or when it bounces off resistance in the $300 area, maybe at around $310 and I'd look to increase if $280 doesn't hold.
There is both support lines and fib lines at $220 and $180 so they'd be my profit targets. Another thing against shorting is the reward, you'd be looking for is a $100 move as opposed to a $300-$700 move to the up side. Also it is harder to get into a high probability short as the price drops too quick, you need to try and enter on bounces. Whereas for a long the price rises much slower, given more opportunities to enter.
Is the pennant valid?
As I said at the start, the bottom support line of the pennant is weak as price has not bounced off it a second time. That's why I drew a second pennant as I think there is a real possibility we will drift out of the right of the green pennant and stay in a range for the next couple of weeks before the real pennant (if there is one) shows itself. So to be clear the yellow pennant is just a guesstimate with no TA backing it up.
Don't listen to me
Remember I am a random person online that you've never meet and have no reason to believe knows what he's talking about, I would advise against taking my advice, crap I've created a paradox, send help.
Oh my. Can't wait. The next few days will be incredible.
Ah good 'old' Ethereum. Yes I expect it to continue go up for a while but I also expect to be overtaken by a platform that is technically and architecturally better than Ethereum.
I've written a post about it: https://steemit.com/cryptocurrency/@valderrama/stratis-will-beat-ethereum-in-2018
Are you invested in Stratis?
when predicting the future I think it is a bit foolish to expect/believe/know anything.
While yes I have invested a small amount into stratis the reasons you give in your post for a 800mil platform to overtake a 31 bil platform in the next 18 months are a bit laughable.
2 of your points are etc.
segwit ready?? segwit is a sidechain application of the bitcoin network, nothing to do with stratis. And ethereum has raiden expected to come out with next few months that is when similar to segwit, and I guess you could say ethereum is raiden ready.
another one of your points is apparently there is a good new wallet
As i say I invested in it as a hedge to exactly what you said, incase it suppasses eth, but I have to advise against investing in it if your base case it will outperform eth because .... you want it to
I used etc because there are a few others that have been mentioned in many other posts. In regards to the wallet... well, if we want any crypto to be used by mass population it definitely needs a proper wallet. Their Breeze wallet integrates with Bitcoin... Currently though the wallet landscape is way too difficult for folks who don't want to read up on anything to use. Therefore many crypto's will never live to see mass adoption.
I do believe that Microsoft support for Stratis really says a lot. They could have chosen ethereum, but they didn't.
As always, no one really knows and we all try to make the best decision at the right time as possible.
microsoft have been working with ethereum for over a year. This year they became one of the founding members of the EEA.
Has Ethereum been implemented in one of their propositions like Stratis has been in Azure?
man thats well written post, i can't understand how only 18 people have read this story... well give you a full upvote and follow your blogs to learn more about your strategy. Thanks man!