Agrello Continues Losing To Bitcoin
Updated
Agrello continues moving within the descending channel, while producing lower lows and lower highs. The downtrend is very obvious, especially with the recent bounce of the 1922 satoshis resistance and 38.2% Fibonacci level at 1686 satoshis.
Today DLT/BTC broke below the 50 Moving Average, suggesting the continuation of the downtrend. Price is likely to decline towards one of the Fibonacci retracement levels applied to the recent corrective wave upwards.
First support is seen at 127.2% Fibs at 1028 satoshis, that is very close to the 1000 satoshis psychological support. Although if that support is broken, DLT could decline further towards 161.8% Fibs at 821 sutoshis, which corresponds to the middle trendline of the extended descending channel.
All-in-all the trend is bearish and the only thing that could change that is break and close above the established resistance at 1922 satoshis. And perhaps daily break and close above the 2k psychological resistance could be that long waited confirmation of the upside momentum
Today DLT/BTC broke below the 50 Moving Average, suggesting the continuation of the downtrend. Price is likely to decline towards one of the Fibonacci retracement levels applied to the recent corrective wave upwards.
First support is seen at 127.2% Fibs at 1028 satoshis, that is very close to the 1000 satoshis psychological support. Although if that support is broken, DLT could decline further towards 161.8% Fibs at 821 sutoshis, which corresponds to the middle trendline of the extended descending channel.
All-in-all the trend is bearish and the only thing that could change that is break and close above the established resistance at 1922 satoshis. And perhaps daily break and close above the 2k psychological resistance could be that long waited confirmation of the upside momentum
Trade closed: target reached
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