Myriad VS Bitcoin Found The Support
The Myriad has found the support at 73 satoshis, which is a very cheap price in relation to most coins out there. The support is confirmed by two Fibonacci retracement levels. Fist is 327.2% Fibs applied to the corrective wave up after the uptrend trendline breakout. And second is 78.6% retracement of the previous wave up.
Clearly the support has been rejected for two consecutive times and it could be rejected once again. The RSI Oscillator shows bullish divergence adding extra confidence to the potential trend reversal or a correction upwards.
Overall, price seems to be extremely attractive while XMY could substantially outperform the Bitcoin in the short, and medium term. But, break and daily close below the 70 satoshis low could invalidate bullish outlook and extend the consolidation.
Clearly the support has been rejected for two consecutive times and it could be rejected once again. The RSI Oscillator shows bullish divergence adding extra confidence to the potential trend reversal or a correction upwards.
Overall, price seems to be extremely attractive while XMY could substantially outperform the Bitcoin in the short, and medium term. But, break and daily close below the 70 satoshis low could invalidate bullish outlook and extend the consolidation.
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