OpenBlock

Salus Coin Triple Bottom Formation

Long
BITTREX:SLSUSD   SaluS / US Dollar (calculated by TradingView)
On the 12th of July Salus coin has tested $21 support level , which has been rejected for the third consecutive time since 24th of June. The triple bottom has been formed and price went up breaking above the 50 Moving Average.

While the strong bottom has been formed and MA breakout occurred, the correction to the upside could be expected. There are several resistance levels to watch, first is the $32 area, where price bounced previously two times. Second is a 61.8% Fibonacci retracement level at $36. And final upside target is at 76.4% Fibs at $40. 

The $40 price seem to have the most resistance as previously it already acted as the resistance and besides, it is a round psychological number. If/when this target is reached, the potential growth would be 60% from the current price, which is quite a strong growth, considering that this is a short to medium term opportunity.

Having said that, downside risk remains, but only daily break and close below the established low at $20 could invalidate bullish outlook and result in a continuation of the downtrend.

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