Alchemy Pay (ACH) needs to hold above 0.085 in order to run:As per my Daily TA, long support was established on the .7 Fib retracement; closing above $0.05.
Seeing that the trend had reversed at $0.05 and now that we are "looking" bullish (heading upwards), my trend Fib ext. pleased me by reaching the 100% mark and is now retracing. (Notice that the Fib. ext closely matches with the previous Fib. retrace I had drawn.)
Like anything that pumps up, comes down and now we are looking at the new Fib. retracement and sell-off wicks are treading above the Fib retrace .5 level. (Notice how closely the Fib. retrace levels match with my previous Fibs.)
What now?
In my opinion, this is much like any other cup & handle situation, in order to have a successful bullish lift-off, it needs to close above the .05 level; $0.085. Otherwise, it will start heading down the levels to establish a new level of support. At the time of this writing, there was 2.3M buy in orders filled for $0.085.
FYI - This is not financial advice at all, just a technical analysis performed by a human being who makes mistakes like any other. Note that this is my first publishing and I am still a newbie to the Fibonacci tool. I do welcome opinions and other criticism to my TA. - GLHF.
