OpenBlock

Syscoin Getting Close To Psychological Resistance

Long
POLONIEX:SYSUSD   None
Following the previous idea on Syscoin, it broke above the upside target and continued to move higher. The question remains how fart it could potentially go?

Clearly there is a massive support at $0.33 level where previously was a resistance. This is also the price where the uptrend trendline was rejected, and price got extremely close to the 200 Moving Average, but without touching it went up again.

Closest support is now at $0.68 and from there SYS /USD should continue rising. The first very strong resistance is at $0.9 and it could potentially go to $1 psychological level. If it manages to break above the $1 then another 50% rise could be on its' way, where Syscoin target is seen at $1.47. Only a break and close below the $0.33 support could invalidate bullish outlook.

Comment: First target reached
Comment: Now at the support and should be jumping higher very soon
Comment: watch for the resistance breakout
Comment: At the moment looks like Syscoin will move up towards the second target
Comment: Syscoin finally broke the resistance, lets go up
Comment: Trendline rejected
Trade closed: target reached: First target reached and then corrected back to support, i'd expect a continuation of an uptrend from this point