OkCash VS Bitcoin Strong Uptrend Expected
Updated
OkCash has been consolidating since October 2017, while rejecting 2.5k satoshi support area multiple times. But only now it shows first signs of an uptrend against the Bitcoin by producing higher highs and higher lows. OK/BTC also closed above the downtrend trendline and the 200 Moving average confirming the upcoming trend up.
Currently, the price is at the support level where previously 4/1 Gann Fan trendline has been rejected, that is 3.8k satoshi. From that level, it is quite likely that OkCash will continue rising to test the first strong resistance near 10k satoshi psychological level. This resistance is confirmed by two Fibonacci retracement levels. First is a 50% Fibs applied through the last corrective wave up started in September last year. And second is 427.2% retracement level applied to the corrective wave down after breaking above the 200 MA and the downtrend trendline. Only a break and close below the 2.3k satoshi support could invalidate bullish outlook.
Currently, the price is at the support level where previously 4/1 Gann Fan trendline has been rejected, that is 3.8k satoshi. From that level, it is quite likely that OkCash will continue rising to test the first strong resistance near 10k satoshi psychological level. This resistance is confirmed by two Fibonacci retracement levels. First is a 50% Fibs applied through the last corrective wave up started in September last year. And second is 427.2% retracement level applied to the corrective wave down after breaking above the 200 MA and the downtrend trendline. Only a break and close below the 2.3k satoshi support could invalidate bullish outlook.
Note
OkCash rejected support
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