On the 29th of June, Substratum found the bottom at 2800 satoshis, after which price started to go upwards and broke above the 50 Moving Average, reaching 3880 satoshis high.
The corrective wave down followed and price found the support at 61.8% Fibs, that is 3175 satoshis, that has been rejected. SUB/BTC yet again went up and broke 50 Moving Average, followed by the breakout of the 2/1 Gann Fan trendline.
It seems the short term trend is changing from bearish to bullish, while Substratum could b aiming for one of the resistance levels. First strong resistance is seen at 4000 satoshis, that is 38.2% Fibonacci retracement level. It is important to watch this level as if rejected, price could go down sharply.
But on the other hand if 4k satoshis resistance is broken with confidence, further growth should be expected, where the next resistance and the potential upside target is seen at 76.4% Fibs, that is 5275 satoshis level, corresponding to the 8/1 Gann Fan trendline.
At this point the downtrend continuation has low probability, although if the 2800 satoshis support is broken, Substratum could go lower or begin to consolidate.
The corrective wave down followed and price found the support at 61.8% Fibs, that is 3175 satoshis, that has been rejected. SUB/BTC yet again went up and broke 50 Moving Average, followed by the breakout of the 2/1 Gann Fan trendline.
It seems the short term trend is changing from bearish to bullish, while Substratum could b aiming for one of the resistance levels. First strong resistance is seen at 4000 satoshis, that is 38.2% Fibonacci retracement level. It is important to watch this level as if rejected, price could go down sharply.
But on the other hand if 4k satoshis resistance is broken with confidence, further growth should be expected, where the next resistance and the potential upside target is seen at 76.4% Fibs, that is 5275 satoshis level, corresponding to the 8/1 Gann Fan trendline.
At this point the downtrend continuation has low probability, although if the 2800 satoshis support is broken, Substratum could go lower or begin to consolidate.