BitcoinPlus found the bottom at $30 psychological round number after which it went up sharply hitting $123 and gaining 330% in less than a week.
XBC/USD has been stopped by 38.2% Fibonacci retracement level, that was clearly rejected. It seems that the direction of BitcoinPlus is under the question since in order for it to grow further, a daily close above $123 is required, while if the resistance will hold a correction down to $60 area is very likely.
The overall trend is bullish, but buying at this point could be a somewhat risky endeavor. "Buy On Breakout" strategy could work best in this setup as the corrective wave down could take place.
XBC/USD has been stopped by 38.2% Fibonacci retracement level, that was clearly rejected. It seems that the direction of BitcoinPlus is under the question since in order for it to grow further, a daily close above $123 is required, while if the resistance will hold a correction down to $60 area is very likely.
The overall trend is bullish, but buying at this point could be a somewhat risky endeavor. "Buy On Breakout" strategy could work best in this setup as the corrective wave down could take place.
Trade closed: target reached