Following the previous idea on Decred, it has reached the upside target at $117 and as expected tripled in value. But now as the resistance is being rejected DCR/USD could start a consolidation period or even start a strong correction down.
The $117 level should be watched closely, while it is being respected by the market, the downside pressure will remain very high and Decred could correct down towards one of the Fibonacci retracement levels.
Therefore, at this point, buying Decred could prove to be extremely risky, unless the resistance is broken. Wait and see approach could be the most appropriate.
The $117 level should be watched closely, while it is being respected by the market, the downside pressure will remain very high and Decred could correct down towards one of the Fibonacci retracement levels.
Therefore, at this point, buying Decred could prove to be extremely risky, unless the resistance is broken. Wait and see approach could be the most appropriate.
Comment:
watch for resistance, if broken it might continue rising
Order cancelled:
Here is an update with a trend continuation outlook
Trade closed: target reached:
downside target reached