Synereo AMP vs Bitcoin - Uptrend, the Beginning
Updated
Synereo has found the bottom at 2500 satoshis and immediately went up towards 50% Fibonacci retracement at 5k satoshis, that has been rejected. Price has corrected down and went back to the downtrend trendline, which this time acted as a support and also has been rejected.
After that AMP/BTC broke the downtrend trendline of the last corrective wave down, signally on a potential uptrend. The strong resistance is still at 5k satoshis area, but if broken it is likely to rise towards 88.6% Fibonacci at 6.7k satoshis.
On a downside, only break and close below 2500 satoshis could invalidate bullish outlook, thill then price should continue rising and perhaps could go far beyond 7k satoshi resistance area.
After that AMP/BTC broke the downtrend trendline of the last corrective wave down, signally on a potential uptrend. The strong resistance is still at 5k satoshis area, but if broken it is likely to rise towards 88.6% Fibonacci at 6.7k satoshis.
On a downside, only break and close below 2500 satoshis could invalidate bullish outlook, thill then price should continue rising and perhaps could go far beyond 7k satoshi resistance area.
Comment
First target reachedTrade closed: target reached
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