Einsteinium Warming Up
Updated
Einsteinium seem to have found the bottom at $0.133, where it rejected 161.8% Fibonacci retracement applied to the corrective wave after the $0.4 support breakout. The Fibs where rejected cleanly and following the increase in trading volume price started climbing up.
While the support is being respected by the market it is likely that EMC2/USD will producing a corrective wave up towards one of the resistance levels. Both resistance levels correspond to the previous support levels. First is $0.4, second is $0.67. Break and close above $0.7 should confirm long-term uptrend.
On a downside, break and close below the $0.133 support should invalidate short term bullish outlook and could result in further decline towards $0.1 psychological support.
While the support is being respected by the market it is likely that EMC2/USD will producing a corrective wave up towards one of the resistance levels. Both resistance levels correspond to the previous support levels. First is $0.4, second is $0.67. Break and close above $0.7 should confirm long-term uptrend.
On a downside, break and close below the $0.133 support should invalidate short term bullish outlook and could result in further decline towards $0.1 psychological support.
Note
Einsteinium almost reached the target
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