CryptoCubic

EmerCoin VS BitCoin Uptrend Confirmation

BITTREX:EMCBTC   None
Today EmerCoin has tested the low at 35k satoshis where it has rejected the 3/1 Gann Fan trendline . At the same time the 61.8% Fibonacci retracement level has been rejected, and although the EMC/BTC went below it, the closing price stayed above 35970 satoshis Fib support.

Nevertheless, the resistance has been formed at 40k satoshis, that is 38.2% Fibonacci retracement level, where 200 Moving Average was rejected multiple times.

The support and resistance levels are formed and break above or below is required for EMC/BTC to establish further direction. Currently the consolidation could be the case, that will take a number of days. 

But it is important to watch for the breakout, either above resistance or below support. Break below the support should result in a continuation of the downtrend, potentially sending price down to 27k satoshis area. And the break above the 40k psychological resistance might be the long waited confirmation of the uptrend.
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