CloackCoin Upside Correction
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Recently CloackCoin has found the bottom at $1.4, where it has rejected the lower trendline of the descending channel . The following wave up resulted in a break above the 50 Moving Average and the upper trendline of the descending channel .
Current price action suggests the upcoming corrective move upwards, where price is expected to reach major resistance at $3.3, that previously acted as the support at least three times.
At the same time, major trend remains bearish and if current low is broken, CLOAK/USD might go down towards the key psychological support at $1, prior to correct up. But if the current low will hold, growth should be expected. If the $3.3 resistance is broken, the probability of a trend reversal should increase substantially.
Current price action suggests the upcoming corrective move upwards, where price is expected to reach major resistance at $3.3, that previously acted as the support at least three times.
At the same time, major trend remains bearish and if current low is broken, CLOAK/USD might go down towards the key psychological support at $1, prior to correct up. But if the current low will hold, growth should be expected. If the $3.3 resistance is broken, the probability of a trend reversal should increase substantially.