Biffy

FLO BTC Momentum Analysis

BITTREX:FLOBTC   FLO / Bitcoin
FLO BTC is showing a shift in momentum, as it broke out of the final leg of the decending fibonacci fan, signalling bearish exhaustion in December 2018. We also saw a double bottom formation in this area, flowed by a bullish reversal. As the momentum has now shifted i expect the bullish trend to continue, though we may see a correction on the smaller timeframes subject to the volitility swings of bitcoin and the crypto market as a whole.

My perspective on this is that, if FLO BTC can break above the 2000 satoshi level, then the chances of it reaching the higher fibonacci levels would greatly increase. However, entering a long position at the current price, 1850 satoshis, could be risky due to this area being a resistance zone , with the support levels located below at 1400, 1100 and 1000 satoshis. It is at these levels, I would look for a bullish candle, on the local timeframe, to enter a long position.

Not an expert, not financial advice.

Biffy.
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