Synereo AMP vs Bitcoin - Uptrend, the Beginning
Synereo has found the bottom at 2500 satoshis and immediately went up towards 50% Fibonacci retracement at $5k satoshis, that has been rejected. Price has corrected down and went back to the downtrend trendline, which this time acted as a support and also has been rejected.
After that AMP/BTC broke the downtrend trendline of the last corrective wave down, signally on a potential uptrend. The strong resistance is still at 5k satoshis area, but if broken it is likely to rise towards 88.6% Fibonacci at 6.7k satoshis.
On a downside, only break and close below 2500 satoshis could invalidate bullish outlook, thill then price should continue rising and perhaps could go far beyond 7k satoshi resistance area.
After that AMP/BTC broke the downtrend trendline of the last corrective wave down, signally on a potential uptrend. The strong resistance is still at 5k satoshis area, but if broken it is likely to rise towards 88.6% Fibonacci at 6.7k satoshis.
On a downside, only break and close below 2500 satoshis could invalidate bullish outlook, thill then price should continue rising and perhaps could go far beyond 7k satoshi resistance area.
Comment:
First target reached
Trade closed: target reached