OkCash aiming for new highs
|OkCash currently trading at $0.15, that is after a clean bounce off the 76.4% Fibonacci retracement level. Simultaneously, OK/USD rejected the middle trendline of the descending channel confirming price bullish intentions.
While the support is holding the uptrend is very likely to begin and it would be reasonable to mention previous idea on OkCash, where downside target has been reached and rejected.
The nearest resistance is seen at 50% Fibonacci retracement level, that is $0.4, which corresponds to the previous area of resistance. Second target is 61.8% Fibs at $0.48. And final, key resistance is at $0.57, that is confirmed by two Fibonacci retracement levels. 76.4% and 427.2% Fibs applied to the current corrective wave down.
If the $0.125 support will be respected the uptrend continuation is imminent, but break and close below could invalidate bullish outlook and send price down to $0.1 psychological support area.
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