HiTech
Long

Decred versus Bitcoin - Reversal Pattern

POLONIEX:DCRBTC   Decred / Bitcoin
Decred found the support at btc              0.0033, where it rejected the 527.2% Fibonacci retracement level applied to the corrective wave after the uptrend trendline breakout.

Following the support rejection, DEC/BTC started to move higher and broke above the downtrend trendline and 200 Moving Average suggesting the reversal of the trend.

A double bullish divergence was formed fist when it bounced off the support and second when it bounced off the downtrend trendline on a corrective wave down. So far all the facts are in favour of the potential trend reversal where Decred should start moving higher against  Bitcoin             .

The very strong resistance is seen at btc              0.0085 where two Fibonacci retracement levels are crossing as well as it corresponds with the upper trendline of the descending channel . Only a daily close below btc              0.0033 should invalidate this outlook.
Kommentar: Stop loss at breakeven, 0 risk trade
Trade ist aktiv: Trade could potentialy be re-entered as there was a bounce off the support
Trade geschlossen: Ziel wurde erreicht: closed at 0.007
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ETH Tip Jar: 0xafbc203afac03c466b9e8ce3b4c7133b710bf
i am not sure if i understand , is it going in correction down or is it going to move in a bullish channel , continuing up ?
+1 Antworten
HiTech scousertommy
@scousertommy, continue up
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