WaltonChain VS Bitcoin approaching key resistance
|After WaltonChain hit the low at 9475 satoshis, on the 29th of June, price started to move up slowly, and broke above the descending channel and the 50 Moving Average. Nevertheless, the consolidation started, where WTC/BTC managed to produce higher highs, and failed to go below the established low.
On a corrective move down, price did hit the 9700 satoshis, where it has rejected the 4/1 Gann Fan trendline, went up and yet again broke above the 50 Moving Average. Currently the MA is acting as the support, as well as the channel breakout level at 10744 satoshis.
If this support holds, WTC should go higher, towards the 38.2% Fibonacci resistance level, that is 12440 satoshis. This could be the key resistance for WaltonChain that would help to determine the destiny of the coin in the medium term.
Daily break and close above that resistance shoudl result in a trend reversal, for the medium and potentially long term. Although if the resistance is rejected, a consolation or a correctional move down is very likely.
On a downside, if price will close below 10744 level, WTC could decline down, to hit the 4/1 Gann Fan trendline. And, if it will be broken, the downtrend continuation could be the case.
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.