Patientory VS Bitcoin Trending Down
Updated
Patientory clearly trending downwards as price continues to move within the descending channel printing lower lows. Yesterday price spiked up and tested 1045 satoshis high, where it rejected the 200 moving Average and the upper trendline of the descending channel.
But today, PTOY/BTC has rejected the 880 satoshis support, which could be the sign of a correctional wave upwards. Overall the trend is bearish and while price stays below the 1045 resistance level, PTOY is likely to decline wotards one of the Fibonacci retracement levels.
First support is seen at 788 satoshis that is 127.2% Fibs, second support and the potential key level is seen at 227.2% Fibs, that is 440 satoshis. In order for the Patientory continue moving lower, closing price below 870 satoshis is required.
On the upside. break and close above the 1045 resistance level, might send price towards 1247 resistance. Break and close above that resistance could be the first confirmation of an uptrend.
But today, PTOY/BTC has rejected the 880 satoshis support, which could be the sign of a correctional wave upwards. Overall the trend is bearish and while price stays below the 1045 resistance level, PTOY is likely to decline wotards one of the Fibonacci retracement levels.
First support is seen at 788 satoshis that is 127.2% Fibs, second support and the potential key level is seen at 227.2% Fibs, that is 440 satoshis. In order for the Patientory continue moving lower, closing price below 870 satoshis is required.
On the upside. break and close above the 1045 resistance level, might send price towards 1247 resistance. Break and close above that resistance could be the first confirmation of an uptrend.
Note
support reachedTrade closed: target reached
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