Aeron feeling strong against the Bitcoin
|Aeron formed the strong bottom at 13k satoshis and rejected that level for 3 consecutive times. The most recent bounce occurred on the 11th of May, after which price started to produce higher highs and higher lows.
ARN/BTC broke above the 200 Moving Average and then above the ascending channel, suggesting the beginning of an uptrend. The strong resistance is seen at 161.8% Fibonacci retracement level, that is 31.5k satoshis. This means that it could potentially outperform the Bitcoin by almost 3 times in the medium term.
It seems that the downside risk at this point is very low and probability of the uptrend is much higher. Nevertheless, break and close below the 13k support could invalidate bullish outlook and extend the consolidation.
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