BlackCoin found the bottom at $0.19 and went up breaking above the downtrend trendline. The trendline breakout point is now acting as a support, not to mention that the price is now trading right at the 61.8% Fibonacci retracement level.
It seems reasonable to expect yet another wave up towards one of the Fibonacci retracement levels. First resistance is at $0.56, while the key resistance is at $0.67. If one of the resistance levels will be rejected the consolidation would continue and could send price back to $0.2 support. However, break above both resistance levels should confirm a long-term bullish trend.
On a downside, break and close below the $0.32 support could invalidate bullish outlook and send price back to $0.2 or even lower.
It seems reasonable to expect yet another wave up towards one of the Fibonacci retracement levels. First resistance is at $0.56, while the key resistance is at $0.67. If one of the resistance levels will be rejected the consolidation would continue and could send price back to $0.2 support. However, break above both resistance levels should confirm a long-term bullish trend.
On a downside, break and close below the $0.32 support could invalidate bullish outlook and send price back to $0.2 or even lower.
Kommentar:
downside target reached
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