After reaching the 650 satoshis high, FoldingCoin has been trading downwards and after it broke the uptrend trendline, price continued to decline within the descending channel. Fibonacci applied to the corrective wave up after the uptrend trendline breakout shows, that support at 227.2% Fibs has been reached and rejected. At the same time, the middle trendline of the descending channel acted as a support, and price started to move higher.
From the 150 satoshis bottom, FLDC/BTC went up to almost 200 satoshis, where it is currently trading. But still price remains below the downtrend trendline, and in order for FoldingCoin to move higher, it must break above it.
Break and close above the trendline should confirm the short-term upside momentum and could send price towards either 23.6% or 38.2% Fibonacci retracement levels, that is 270 or 340 satoshis.
On a downside, unless the trendline is broken, the price could remain in a consolidation mode and continue trading near 150 satoshis for a little while. However, it is not expected to go lower than 100 satoshis psychological support.
From the 150 satoshis bottom, FLDC/BTC went up to almost 200 satoshis, where it is currently trading. But still price remains below the downtrend trendline, and in order for FoldingCoin to move higher, it must break above it.
Break and close above the trendline should confirm the short-term upside momentum and could send price towards either 23.6% or 38.2% Fibonacci retracement levels, that is 270 or 340 satoshis.
On a downside, unless the trendline is broken, the price could remain in a consolidation mode and continue trading near 150 satoshis for a little while. However, it is not expected to go lower than 100 satoshis psychological support.
Trade closed: target reached
Comment:
Looking forward to the second target soon