Global Currency Reserve VS Bitcoin Has Potential
Updated
GCR Coin found the support at 550 satoshi and then broke above the 200 Moving Average reaching 4580 satoshi level. Price then corrected back sharply and tested 1250 satoshi support for two times, failing to break below. The following wave up resulted in the rejection of the downtrend trendline and price yet again moved down, and currently is testing 200 Moving Average.
At this point picture remains unclear as for GCR/BTC to move higher it must break the downtrend trendline. At the same time, GCR is very close to the support where buyers could start coming in pushing price higher. While currently, GCR remains a risky coin to purchase it could reward aggressive investors in the short to medium term. But to stay conservative perhaps it is better to wait for the trendline breakout.
The upside target and first strong resistance is seen at 6640 satoshi, where two Fibonacci retracement levels are inline with each other. First is 50% retracement and second is 161.8% Fibs applied to the corrective wave down after the breakout of 200 MA. Only break and close below 500 satoshi could invalidate bullish outlook.
At this point picture remains unclear as for GCR/BTC to move higher it must break the downtrend trendline. At the same time, GCR is very close to the support where buyers could start coming in pushing price higher. While currently, GCR remains a risky coin to purchase it could reward aggressive investors in the short to medium term. But to stay conservative perhaps it is better to wait for the trendline breakout.
The upside target and first strong resistance is seen at 6640 satoshi, where two Fibonacci retracement levels are inline with each other. First is 50% retracement and second is 161.8% Fibs applied to the corrective wave down after the breakout of 200 MA. Only break and close below 500 satoshi could invalidate bullish outlook.
Note
Global Currency Reserve is about to break the trendline
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