ChatCoin VS Bitcoin Respecting The Support
Updated
ChatCoin continues to trade above the 200 Moving Average and what is more important is that price has bounce of the MA multiple times and yet continues to reject it till now. Today CHAT/BTC is trading right at the MA and the 1385 satoshis support.
While the support is holding ChatCoin is likely to continue moving higher and could reached the upside target at 2640 satoshis. This is the resistance level that corresponds to the 427.2% Fibonacci retracement as well as the previously established high back on the 15th March.
But if current support is broken with a daily close below 1385 satoshis, price might continue to go lower towards next support based at 1000 satoshis psychological round number and even down to the previous low near 650 sat.
While the support is holding ChatCoin is likely to continue moving higher and could reached the upside target at 2640 satoshis. This is the resistance level that corresponds to the 427.2% Fibonacci retracement as well as the previously established high back on the 15th March.
But if current support is broken with a daily close below 1385 satoshis, price might continue to go lower towards next support based at 1000 satoshis psychological round number and even down to the previous low near 650 sat.
Trade closed: target reached
downside target reached
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