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Long

Golem VS Bitcoin Range Trading

POLONIEX:GNTBTC   Golem / Bitcoin
Golem has established a strong resistance at 8888 satoshi, that has been rejected 3 consecutive times. First in January, second on the 4th of May, and third just recently, on the 31st of May.

At the same time GNT/BTC formed the support level at 6k satoshis, previously rejected on the 23rd of May and confirmed by the 38.2% Fibonacci retracement level. The support area between 6 and 5.2k satoshis could play the key role in further price development.

Price still could get lower and perhaps test the 200  Moving Average or even 5.2k satoshis area. But only break and close below 5.2k level could confirm the presence of a downtrend. But as of yet, price is likely to continue ranting between 6k and 9k satoshis, and break above 9k level should confirm Golem bullish intentions and send price to new highs.

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