The SingularDTV tested the low at 300 satoshis on the 18th of August, where bullish divergence has been formed on the RSI oscillator. Price then went up and today broke above the 50 Moving Average, suggesting the upcoming corrective move up.
Currently SNGLS/BTC is trading at 400 satoshis and the short term perspective does look positive. The price is likely to continue moving north and SignularDTV should test the nearest resistance at 575 satoshis very soon. The resistance is confirmed by the 23.6% Fibonacci retracement level, that corresponds to the upper trendline of the descending channel.
If that resistance is broken, it could be the first signal of a potential trend reversal, resulting in a strong gains over the coming months. But for now the 575 satoshis resistance remains the important level to watch.
Although the correction up is expected, the downside risk should be considered, where break and close below the 300 satoshis support would invalidate short term bullish scenario and might result in further price decline.
Currently SNGLS/BTC is trading at 400 satoshis and the short term perspective does look positive. The price is likely to continue moving north and SignularDTV should test the nearest resistance at 575 satoshis very soon. The resistance is confirmed by the 23.6% Fibonacci retracement level, that corresponds to the upper trendline of the descending channel.
If that resistance is broken, it could be the first signal of a potential trend reversal, resulting in a strong gains over the coming months. But for now the 575 satoshis resistance remains the important level to watch.
Although the correction up is expected, the downside risk should be considered, where break and close below the 300 satoshis support would invalidate short term bullish scenario and might result in further price decline.
Trade closed: target reached