STORJ/BTC Cup and Handle formation in sightAfter a hard correction from August's 0.000708BTC high STORJ finally found bottom at 0.000101BTC . Given that Filecoin (an upcoming STORJ competitor) raised 200 million USD it shows that investors see huge potential in distributed storage. Because STORJ has a fully functional product (unlike Filecoin) I consider it a top pick for investors in the following months. Target entry is anywhere on the cup's trendline depending on when you are buying in. Make sure you follow Fib retracements closely. First target around 0.00046BTC, second target a bit under 0.00070BTC. Stop loss if a full day's candle closes under the trendline.
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SJCXBTC
Long on SJCX!
strong support level
Candlestick Bullish pattern: Morning Doji Star.
Fibonacci 61.80 retracement
deep market analysis
SJCX will be testing key resistance levels over the next 36hoursSJCX is attempting to hold at price 33,000sat but will likely drop below that to resistance around 30,000sat before continuing upwards extremely bullishly. Buys should be placed within the red accumulation rectangle.
SJCX 1DAY BREAKING OUTLook at SJCX have double bottom and flag chart
Now growing up and breakout soon
Target 4700
SJCXBTC "W" Fractal or H&S PatternStorjx/Btc forming a possible "W", which could be a fractal of a previous "W" pattern. Therefore, we can expect a retest of a historical resistance around 33k sat, possibly in the month of may. The other scenario is a formation of the second shoulder in a H&S pattern around 24,5k sat.
Either way, the historical support is holding for now, so both scenarios are positive as far the price is concerned. RSI is showing room for price growth but the lack of volume is a bit concerning. If the volume increases, the formation of 1 of those patterns is that much more likely.
Of course, it depends on the BTC price movement, which is unpredictable in the comming months. (PBoC, Segwit, Etf). Either way, imo, this is a trade worth taking, setting a stop under the historical support level, a 50% profit taking target on the second shoulder ("C") and the other 50% on the retest of historical resistance.
Great long for Storj.Drop in volume, increasing buying pressure, enormous size of ascending triangle to where % and value match are about 40% different, healthy consolidation, fantastic long. Recently similar long materialized on Lisk. Accumulation is happening right next to the all time high where it was overshadowed by Sia launch. This looks like enough pressure to overcome the ATH easily which puts very few limits on top target. I will be moving my stops up as it moves.
Background opinion: This coin is a great competitor for decentralized storage. The work they have with XCP looks promising as well.
