HiTech
Long

FoldingCoin VS Bitcoin Waiting For Breakout

POLONIEX:FLDCBTC   FoldingCoin / Bitcoin
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.
Trade closed: target reached
Comment: Looking forward to the second target soon
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