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Long

Gnosis Is Up To $500?

BITTREX:GNOUSD   Gnosis / Dollar
Following the double bottom formed at $50 support area , Gnosis moved higher, breaking above the downtrend trendline , then 200 Moving Average and Finally above the descending channel . These facts can not be ignored and should be considered as a potential beginning of the uptrend.

The nearest resistance for GNO/USD is at 127.2% Fibonacci retracement level applied to the corrective wave after the downtrend trendline breakout. The second much stronger resistance is at 227.2%, which is $233 price level. It corresponds well with the upper trendline of the extended descending channel and previous resistance formed in August.

If the $233 level is reached and broken, much more upside potential will present itself where Gnosis could rise up to the $500 mark where two Fibonacci levels are inline with each other. First 627.2% and second is 127.2% applied to the all-time high $400 down to the current support at $50. Only a break and close below the $80 support could invalidate bullish outlook.
Comment: Gnosis rejecting support
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