OkCash Downside Correction
Updated
OkCash has reached the high on the 3rd of May, hitting $0.23. The strong move down followed resulting in the break below multiple obstacles. Price has broke below the uptrend trendline, followed by the break below the 200 Moving Average and the ascending channel.
It seems that OK/USD is loosing the upside momentum and the downside correction could continue, especially after it has rejected the lower trendline of the ascendant channel. Strong support and the potential downside target is seen at 76.4% Fibonacci retracement level that is $0.12, which could play a key role in further price development.
Break below the support might trigger further decline, at least towards $0.09 to form a double bottom and potentially price could go lower. On the upside, only break and close above current high/resistance at $0.23 could invalidate bearish outlook resulting in the uptrend continuation.
It seems that OK/USD is loosing the upside momentum and the downside correction could continue, especially after it has rejected the lower trendline of the ascendant channel. Strong support and the potential downside target is seen at 76.4% Fibonacci retracement level that is $0.12, which could play a key role in further price development.
Break below the support might trigger further decline, at least towards $0.09 to form a double bottom and potentially price could go lower. On the upside, only break and close above current high/resistance at $0.23 could invalidate bearish outlook resulting in the uptrend continuation.
Trade closed: target reached
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