CyberMiles is one of the coins with the strongest gains against the Bitcoin during the past few months. It found the bottom at 826 satoshis and since April went up to 4200 satoshis, providing a strong 410% Growth.
The CMT/BTC trend is clearly bullish, while price continues to produce higher highs and higher lows. At the same time CMT broke above the extended ascending channel and the 8/1 Gann Fan trendline. In the most recent corrective waves down, price found the support at the upper trendline of the ascending channel and then at the Gann Fan trendline.
Nevertheless, price has established the resistance at 4020 satoshis and in order for the CyberMiles to continue moving higher, the daily close must be above that level. If/when that happens, CMT/BTC could reach 5850 satoshis resistance, that is 161.8% Fibonacci retracement level.
If price stays below the 4020 satoshis resistance a corrective wave down could take place. It that case price could decline towards the previous support at 2700 satoshis.
The CMT/BTC trend is clearly bullish, while price continues to produce higher highs and higher lows. At the same time CMT broke above the extended ascending channel and the 8/1 Gann Fan trendline. In the most recent corrective waves down, price found the support at the upper trendline of the ascending channel and then at the Gann Fan trendline.
Nevertheless, price has established the resistance at 4020 satoshis and in order for the CyberMiles to continue moving higher, the daily close must be above that level. If/when that happens, CMT/BTC could reach 5850 satoshis resistance, that is 161.8% Fibonacci retracement level.
If price stays below the 4020 satoshis resistance a corrective wave down could take place. It that case price could decline towards the previous support at 2700 satoshis.
Comment:
uptrend continues...
Trade closed: target reached