Internet Of People VS Bitcoin Reversal Potential
Recently Internet Of People has reached the low, hitting 11122 satoshis low. At the same time price failed to close below the 261.8% Fibonacci support, applied to the corrective wave up after the uptrend trendline breakout.
Today IOP/BTC started to rise and aready gained 23% since it reached the low on the 24th of June. Therefore, while/if the support is holding and the closing price stays above the 11122 satoshis, IOP is likely to outperform the Bitcoin in the short to medium term.
The confirmation could be the downtrend trendline breakout, after which price is expected to growth towards the 21k satoshis resistance area, previously acted as the support and resistance.
Today IOP/BTC started to rise and aready gained 23% since it reached the low on the 24th of June. Therefore, while/if the support is holding and the closing price stays above the 11122 satoshis, IOP is likely to outperform the Bitcoin in the short to medium term.
The confirmation could be the downtrend trendline breakout, after which price is expected to growth towards the 21k satoshis resistance area, previously acted as the support and resistance.
📱 Telegram: t.me/Tradexcel
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.