Cofound.it VS Bitcoin Still Falling DownCofound.it downtrend seems to be still intact as price continues to produce lower lows and lower highs. After finding the recent high at 675 satoshis, CFI/BTC price fell down and broke the 50 Moving Average and the uptrend trendline suggesting the continuation of the downtrend.
Today price produced a new lower low, and while the downtrend is expected, small correctional move up is also possible. But overall, Cofound price could drop as low as 420 satoshis, which is a strong support confirmed by two Fibonacci retracement levels and the downtrend trendline.
It is also worth mentioning that back on the 29th of June CFI formed a double bottom at 515 satoshis, and currently it is trading near that level. Therefore while the downtrend is still valid, if the current support level holds, price could correct up strongly, or even reverse.
Cofound
Cofound.it VS Bitcoin Wide RangeSince the beginning of the month, Cofound.it lost to Bitcoin 30%, while it moved from 675 satoshis high, down to the 470 satoshis low. When it approached the low, CFI/BTC rejected the 127.2% Fibonacci retracement level applied to the corrective wave up after the uptrend trendline breakout.
Price went up and bounced off the 590 satoshis resistance, that has previously been rejected, along with the 200 Moving Average. Currently CFI seems to be entering the consolidation, or indecision phase, with the established support at 475 satoshis and resistance at 590 satoshis.
There is not much action going on which could prevent traders from buying this coin. Further consolidation is likely although breakout in either direction should shed some light on further price development.
Break above the 600 satoshis high, could be the confirmation of the trend reversal or a strong correction upwards. But break below the 470 satoshis low, should send price lower towards the key support at 420 satoshis.
