Cofound.it VS Bitcoin wide range
|Since 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.
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