Agrello has bottomed out on the 12th of September, where many other alts have found the bottom as well. After hitting 475 satoshis low, DLT/BTC uptrend has started. Since then price has formed an expanding wedge pattern, and each new wave up resulting in a new higher high. Comparing to most altcoins, Agrello has been performing exceptionally well, and in just one month gained 355% over Bitcoin.
The higher highs and higher lows pattern suggests the validity of an uptrend, and increases the probability of further price appreciation. Although for this to happen, the uptrend trendline should be rejected in the coming days.
Today DLT has tested the 78.6% Fibonacci support level at 1211 satoshi, basically entering the support area between the 1087 and 1211 levels. This is the area to pay attention to, as it should indicate on the strength of an uptrend.
If support area will be rejected, “higher highs and higher lows” patter on a lower time-frame, might help to determine the uptrend continuation. But break and close below the 1000 psychological support, can result in a selloff, and price can easily drop down to 670-840 satoshis support area. If rejected, the uptrend continuation still to be expected.
The next wave up seems still in development and perhaps before the end of the week there will be yet another price pump. DLT/BTC can increase towards the nearest resistance at 3454 satoshis, which is confirmed by the 23.6% Fibonacci retracement level and is inline with the upper trendline of the wedge pattern.
Finally, the only scenario where the uptrend is invalidated is a break below the 670 satoshis support, which will suggest either a consolidation or a continuation of a long-term downtrend.
The higher highs and higher lows pattern suggests the validity of an uptrend, and increases the probability of further price appreciation. Although for this to happen, the uptrend trendline should be rejected in the coming days.
Today DLT has tested the 78.6% Fibonacci support level at 1211 satoshi, basically entering the support area between the 1087 and 1211 levels. This is the area to pay attention to, as it should indicate on the strength of an uptrend.
If support area will be rejected, “higher highs and higher lows” patter on a lower time-frame, might help to determine the uptrend continuation. But break and close below the 1000 psychological support, can result in a selloff, and price can easily drop down to 670-840 satoshis support area. If rejected, the uptrend continuation still to be expected.
The next wave up seems still in development and perhaps before the end of the week there will be yet another price pump. DLT/BTC can increase towards the nearest resistance at 3454 satoshis, which is confirmed by the 23.6% Fibonacci retracement level and is inline with the upper trendline of the wedge pattern.
Finally, the only scenario where the uptrend is invalidated is a break below the 670 satoshis support, which will suggest either a consolidation or a continuation of a long-term downtrend.