CloackCoin Upside Correction
Recently CloackCoin has found the bottom at $1.4, where it has rejected the lower trendline of the descending channel. The following wave up resulted in a break above the 50 Moving Average and the upper trendline of the descending channel.
Current price action suggests the upcoming corrective move upwards, where price is expected to reach major resistance at $3.3, that previously acted as the support at least three times.
At the same time, major trend remains bearish and if current low is broken, CLOAK/USD might go down towards the key psychological support at $1, prior to correct up. But if the current low will hold, growth should be expected. If the $3.3 resistance is broken, the probability of a trend reversal should increase substantially.
Current price action suggests the upcoming corrective move upwards, where price is expected to reach major resistance at $3.3, that previously acted as the support at least three times.
At the same time, major trend remains bearish and if current low is broken, CLOAK/USD might go down towards the key psychological support at $1, prior to correct up. But if the current low will hold, growth should be expected. If the $3.3 resistance is broken, the probability of a trend reversal should increase substantially.
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