After testing the low at the 505 satoshi, Floricoin started to move higher breaking above the downtrend trendline. At the same time price broke above the 200 Moving Average and reached 1900 satoshi, totaling a 280% gain over Bitcoin in just two weeks.
Clearly, Florincoin showing some strength, especially now, after rejecting the 200 Moving Average and the 23.6% Fibonacci support at $1090 satoshi. The uptrend could either be a short-lived or a long-term depending on how FLO/BTC will react to the first strong resistance at $2145 satoshi, which is 127.2% Fibonacci retracement level applied to the last corrective wave down. Break above that level should push Florincoin much higher, while if rejected, the consolidation could take place. Only a break below the 505 could invalidate bullish outlook.
Clearly, Florincoin showing some strength, especially now, after rejecting the 200 Moving Average and the 23.6% Fibonacci support at $1090 satoshi. The uptrend could either be a short-lived or a long-term depending on how FLO/BTC will react to the first strong resistance at $2145 satoshi, which is 127.2% Fibonacci retracement level applied to the last corrective wave down. Break above that level should push Florincoin much higher, while if rejected, the consolidation could take place. Only a break below the 505 could invalidate bullish outlook.
Trade closed: target reached
Comment:
Nice fast profit, thank you for your likes :)
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