Incent VS Bitcoin Breakout

BITTREX:INCNTBTC   Incent / Bitcoin
Incent found the bottom at 1000 satoshi on the 12th of October and since then, the price has been ranging between 1000 and 4000 satoshi for nearly 3 months. But on the 1st of January INCNT/BTC broke above the downtrend trendline and the 200 Moving Average which was the first sign of a potential trend reversal or a corrective move up.

Price reached 7.7k satoshi high and corrected back. What is interesting is that corrective wave was stopped at the 200 Moving Average which is now acting as a support, that has been rejected. Incent also rejected the 4/1 Gann Fan trendline and nearly tested the downtrend trendline . It seems that it is a very strong support that has been respected by the market and from this point onwards Incent could gontinue going higher.

First target is seen at 12.5k satoshi, that corresponds to two Fibonacci retracement elvels. First is 64.8% Fibs applied through the all-time high. Secon is 227.2% Fibs applied to the last corrective wave down where 3.7k satoshi support was rejected. Only daily break and close below the 3.7k sats support could invalidate bullish outlook.
Comment: Incent at the support
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