CrackingCryptocurrency
Long

SBD/BTC Might Be Forming A New Trend

BITTREX:SBDBTC   SteemDollars / Bitcoin
SBDBTC traded in a downtrend for an extended period of time, as many alt coins did for this trading season. Now however it has broken out of it's downward channel , after the breakout was confirmed it consolidated with a symmetrical triangle pattern and recently has broken out of that with an impressive move upwards on high momentum.

We have pulled back to the 61.8 retracement of the recent move, and I expect to see a short period of consolidation followed by another move upwards. I have set a buy for the 61.8 fib level and short-term targets at the resistance level that is the upper limit of the recent move and my ultimate target at the 1.618 fib extension of the movement.

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