SONM vs Bitcoin potential trend reversal
|SONM has found a strong bottom at the 1900 satoshis level. There it has rejected the 261.8% Fibonacci support level, as well as the 8/1 Gann Fan trendline. This week price went up, hitting the downtrend trendline, which is currently acting as resistance.
SONM/BTC could potentially reverse to the upside, but first it has to break above the downtrend trendline. While it is being rejected, consolidation could take place and SONM is likely to form a double bottom near 2k satoshis area.
The other scenario is if the price stays above the current resistance at 2240 satoshis and breaks below the 1880 low. Then the downtrend is likely to continue, towards the previous support level at 1500 satoshis area.
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