eBoost Facing Strong Resistance
Updated
On the 24th of June, eBoost found the bottom, hitting $0.0845 level. Then price started to move upwards and broke above the descending channel and the 50 Moving Average, and has reached $0.133 high, resulting in a 58% growth against the USD in just one week.
It is clear that the resistance has been formed at $0.133 and this level might play the key role in further price development. Right now, range trading is taking place where price could go back down to either $0.096 or $0.090, that is 76.4% and 88.6% Fibs, both of which correspond to the Gann Fan trendline.
Nevertheless, the uptrend continuation could take place, but only if EBST/USD will break and close above the $0.133 resistance. While consolidation is taking place it is better to wait and see whether eBoost will break below the support or above the resistance, and only then take action accordingly.
It is clear that the resistance has been formed at $0.133 and this level might play the key role in further price development. Right now, range trading is taking place where price could go back down to either $0.096 or $0.090, that is 76.4% and 88.6% Fibs, both of which correspond to the Gann Fan trendline.
Nevertheless, the uptrend continuation could take place, but only if EBST/USD will break and close above the $0.133 resistance. While consolidation is taking place it is better to wait and see whether eBoost will break below the support or above the resistance, and only then take action accordingly.
Trade closed: target reached
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