AirSwap seems to have established a short term downtrend, while it has already declined from the 3960 satoshis, down to 2320 satoshis, where it found the support at 88.6% Fibonacci retracement level.
Although the support has been rejected, price has broke below the uptrend trendline and today rejected the 50 Moving Average. The resistance has been formed at 2490 satoshis, and while it is holding either range trading will take place or, if price will break and close below 2300 satoshis, downtrend continuation should be the case.
Upon the support break, AST/BTC could go down to 2110 satoshis, that is confirmed by the previous support as well as the 8/1 Gann Fan trendline. Break below the Gann Fan trendline would push price even lower, perhaps to the previous low at 1700 satoshis.
On the upside, if AirSwap will manage to break above the 2500 satoshis level, a correctional wave up should be expected, although it is unlikely that the price will reverse to the upside at this stage.
Although the support has been rejected, price has broke below the uptrend trendline and today rejected the 50 Moving Average. The resistance has been formed at 2490 satoshis, and while it is holding either range trading will take place or, if price will break and close below 2300 satoshis, downtrend continuation should be the case.
Upon the support break, AST/BTC could go down to 2110 satoshis, that is confirmed by the previous support as well as the 8/1 Gann Fan trendline. Break below the Gann Fan trendline would push price even lower, perhaps to the previous low at 1700 satoshis.
On the upside, if AirSwap will manage to break above the 2500 satoshis level, a correctional wave up should be expected, although it is unlikely that the price will reverse to the upside at this stage.
Trade closed: target reached