Ignis VS Bitcoin Consolidation Time
Updated
Ignis formed a bottom at 774 satoshis after which price went up, and reached 1524 satoshis high. Although closing price was below the 23.6% Fibonacci retracement level at 1136 satoshis and below the 200 Moving Average.
On a correction down, IGNIS/BTC rejected the uptrend trendline, went up an rejected the 23.6% Fibs once again. It seems that IGNIS has stuck between the 774 support and 1136 resistance, without any clarity of further direction.
In order for the price to move up, close above the 1136 sats resistance is required. If/when that occurs, Ignis shall rise towards the next Fibonacci retracement level at 50%, that is 1541 satoshis.
On the downside, considering the current price action, a correctional move down might be expected. Ignis could decline towards previous support at 774 satoshis, but only if price will not break above the current resistance.
On a correction down, IGNIS/BTC rejected the uptrend trendline, went up an rejected the 23.6% Fibs once again. It seems that IGNIS has stuck between the 774 support and 1136 resistance, without any clarity of further direction.
In order for the price to move up, close above the 1136 sats resistance is required. If/when that occurs, Ignis shall rise towards the next Fibonacci retracement level at 50%, that is 1541 satoshis.
On the downside, considering the current price action, a correctional move down might be expected. Ignis could decline towards previous support at 774 satoshis, but only if price will not break above the current resistance.
Trade closed: target reached
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