Agrello VS Bitcoin Downtrend Could Be Ending
Agrello has reached the downside target at 127.2% Fibonacci retracement level applied to the last corrective wave up. Today the 1028 satohis support has been rejected for the second time, although clearly the downtrend is still intact.
Currently it is important to watch the 1028 support level, because if broken, DLT/BTC could produce yet another wave down, towards next strong support at 820 satoshis. The support is confirmed by two Fibonacci retracement levels and if reached, might give good insight on further price development.
On the other hand, if current support hold, price could start rising, at least towards the nearest resistance at 1600 satoshis and potentially to 2k satoshis psychological resistance.
For the uptrend confirmation, 2k resistance area must be broken, only then it might be considered as a trend reversal, prior to that it would only be a corrective move up.
Currently it is important to watch the 1028 support level, because if broken, DLT/BTC could produce yet another wave down, towards next strong support at 820 satoshis. The support is confirmed by two Fibonacci retracement levels and if reached, might give good insight on further price development.
On the other hand, if current support hold, price could start rising, at least towards the nearest resistance at 1600 satoshis and potentially to 2k satoshis psychological resistance.
For the uptrend confirmation, 2k resistance area must be broken, only then it might be considered as a trend reversal, prior to that it would only be a corrective move up.
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