Lunyr VS Bitcoin upside targets
|After Lunyr has reached the btc 0.0038 high on the 14th of May, price went sharply down and broke below the uptrend trendline. Fibonacci applied to the corrective wave up after the trendline break, shows that support was found at 227.2% level, that is btc 0.00145.
The support has been rejected cleanly and price starting to move up. This tendency is likely to continue, while the price should reached one of the targets/ resistance levels. First resistance eis at btc 0.00188, that corresponds with the previous resistance as well as the uptrend and downtrend trendline. When/if that level is broken the next target is at btc 0.0023, that is 38.2% Fibs.
The downtrend could continue only in case the support level is broken, which at this point seems to be unlikely. However, break and close below the btc 0.00145 should invalidate bullish outlook, where the downtrend might continue.
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.