TimeNewBank token had a massive correction down after reaching an all-time high at 2255 satoshis. Price declined by 86% and found the support only at 300 satoshis area. This is the 261.8% Fibonacci retracement level, applied to the corrective wave after the uptrend trendline breakout. The support is being rejected, and during the period of two months price failed to go any lower.
While staying above the support level, TNB/BTC could have formed a strong bottom, which might result in a trend reversal. The first target is at 720 satoshis, and second is at 1250 satoshis, both correspond to the Fibonacci retracement levels and previous levels of the support/resistance.
On a downside, break and close below 250 satoshis should invalidate short-term bullish outlook and extend the consolidation. No major decline can be expected since TNB current price is already extremely low and trading at 360 satoshis.
Thankyou very much i really liked your breakdown cheers
qfina
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What does TNB have in the short future to trigger the reversal? I think its a good project and I hope it recovers, but I just can't see it at the moment.
CryptoPAMM
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@qfina, what did most project had to trigger a reversal back in December?
qfina
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@hitech, bitcoin reversal taking all others with it, but just not sure what TNB has in the sidelines to pull back so hard, when all other alts are still suffering. Of course, I hope you are correct and am following with interest!
CryptoPAMM
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@qfina, yes, we'll see, but it seems btc is going up, so most alts as well