Genesis Vision found the support at 76.4% Fibonacci retracement, which has been rejected twice, forming a double bottom. The following wave up resulted in the break above the downtrend trendline and then 200 Moving Average.
Current price action suggests a potential trend reversal or a strong corrective move up. The resistance is seen at 76.4% Fibs applied through the all-time high, that is $40 area.
On a downside, the closest support is at 200 Moving Average which has been rejected already. Price could once again test it and produce a spike below prior to the wave up. Although only break and close below the $15 support could invalidate bullish outlook.
Current price action suggests a potential trend reversal or a strong corrective move up. The resistance is seen at 76.4% Fibs applied through the all-time high, that is $40 area.
On a downside, the closest support is at 200 Moving Average which has been rejected already. Price could once again test it and produce a spike below prior to the wave up. Although only break and close below the $15 support could invalidate bullish outlook.
Comment:
Genesis Vision rejected support