OpenBlock

BlackCoin Nearest Upside Target

Long
POLONIEX:BLKUSD   None
BlackCoin formed a strong bottom near $0.12 area, which has been rejected at least three times. After the final bounce, occurred on the 13th of July, price started to move up, breaking above the uptrend trendline and then under the heavy volume broke above the 200 Moving Average.

Seems that strong upside momentum has been established and the corrective wave up hasn't ended yet. The nearest support at 38.2% Fibs, that is $0.17 has been rejected, and if BLK /USD will not break and close below the $0.162 low, price should continue moving high.

The nearest resistance is seen at 127.2% Fibs applied to the current corrective wave down. This is the $0.21 level, which previously already acted as the resistance.

Break and close below the $0.162 could send price a little lower, towards 61.8% Fibs at $0.15. But if BLK will go below, bullish outlook shall be invalidated and consolidation could start.

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