Following the previous idea on Syscoin, it found the resistance near $1 psychological round number, and after hitting $0.98 high, the price went down sharply. SYS/USD broke below the ascending channel and found the support at the lower trendline of the extended ascending channel after rejecting $0.3 low. At the same time price rejected the 127.2% Fibonacci retracement level applied to the corrective wave up, after channel breakout. Anf finally, the uptrend trendline has been respected, while previous support at $0.34 hasn't been broken.
The uptrend trendline and the key support at $0.34 are not broken as price failed to close below. This could result in a continuation of the SYS/USD growth, although 3 obstacles on the Syscoin way up should be watched.
50.0% Fibs ($0.63)
61.8% Fibs ($0.71)
76.4% Fibs ($0.80)
If any of the resistance levels will be rejected, the price could go back to $0.3 support area, the breakout of the $0.8 resistance should send price towards $1 level and if broken, the long-term uptrend should be confirmed.
The uptrend trendline and the key support at $0.34 are not broken as price failed to close below. This could result in a continuation of the SYS/USD growth, although 3 obstacles on the Syscoin way up should be watched.
50.0% Fibs ($0.63)
61.8% Fibs ($0.71)
76.4% Fibs ($0.80)
If any of the resistance levels will be rejected, the price could go back to $0.3 support area, the breakout of the $0.8 resistance should send price towards $1 level and if broken, the long-term uptrend should be confirmed.
Comment:
First and second targets reached
Trade closed: target reached