TimeNewBank clearly trending down since 2nd of May and already lost to Bitcoin more than 70%. Recently price has hit 218 satoshis low and touched the lower trendline of the descending channel, which has been rejected cleanly. But on a corrective wave up, price found the resistance at 127.2% Fibonacci retracement level, which also has been rejected.
Considering such price action downtrend continuation is likely to take place. It could be either a fast drop or a slow decline towards the next Fibonacci retracement level, that is 227.2% at 100 satoshis. This could be the key support level for TNB/BTC as it not only technical support but a very strong psychological level.
The alternative scenario of a correctional wave up, required price to break above the 300 satoshis resistance area. In this case, TNB could grow up to the 500 satoshis area, where previous resistance has been formed.
All-in-all, trend is bearish, but considering the recent bounce off the lower trendline of the descending channel, correctional wave up should be expected.
Considering such price action downtrend continuation is likely to take place. It could be either a fast drop or a slow decline towards the next Fibonacci retracement level, that is 227.2% at 100 satoshis. This could be the key support level for TNB/BTC as it not only technical support but a very strong psychological level.
The alternative scenario of a correctional wave up, required price to break above the 300 satoshis resistance area. In this case, TNB could grow up to the 500 satoshis area, where previous resistance has been formed.
All-in-all, trend is bearish, but considering the recent bounce off the lower trendline of the descending channel, correctional wave up should be expected.
Trade closed: target reached