danchoo10

GNT facing a critical resistance

BITTREX:GNTBTC   Golem / Bitcoin
We are looking at a GNT/BTC 1 hour chart. I see it is forming a trinangle, and as we can see it is trying to break out of it. However we have some resistance on 3500 sat, also we have a 50 day EMA (red line) at about the same price, and I think it is going to be a struggle to get past it.
If the bulls manage to get the price past that resistance, and hold it above it for some while, we will see an upward movement to 61.8% fibonacci level at 4374 sat, or even 50% at 5246 sat.
On the other hand if the bulls don't manage to get the price past that resistance, we might see a dip to a short term low on 2500 sat, or even a low reached on 8th of December at 1549 which is also a 100% fibonacci level.
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