STORJ with bullish setup it looks to be forming nice and clean bull formation from Elliott wave perspective.
STORJUSD pair actually already took off back in June with strong and impulsive five-wave rally from the lows that suggests the bottom and bullish reversal. Well, since June we can see slow, choppy and overlapped wave structure which indicates for an (A)-(B)-(C) corrective decline.
As you can see, STORJUSD made an impulsive leg (A), followed by a wave (B) running triangle correction and then ending diagonal (wedge) pattern for wave (C). It’s interesting that it’s now trying to bounce away from important 78,6% Fibo. support, however, to confirm bulls back in play we need broken trendline connected from the highs and 0.77 region. STORJ with bullish setup is valid as long as it’s above 0.33 invalidation level.
All the best!
Resistance on DXY can be supportive for Cryptos. Check our DXY chart. CLICK HERE