Incent VS Bitcoin ready to go
|After finding the support at 2400 satoshis, Incent has started to consistently move up, producing higher highs and higher lows. At the same time price is rejecting the uptrend trendline, 23.6% Fibonacci retracement and currently trading above the 200 Moving Average.
Seems that it is only a matter of time for INCNT/BTC to break above the previous resistance at 4940 satoshis and produce a new high. There are two major resistance levels to watch, first is 5700 satoshis that is 161.8% Fibs of the current corrective wave down. Second target is 261.8% Fibs, that corresponds to 88.6% at 7100 satoshis. Break above the second target could result in the beginning of a stronger growth and should potentially send price much higher.
However, on a downside, break and close below 3660 satoshis support should invalidate bullish outlook and downtrend could start to dominate.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.