CloakCoin might grow x3

Viktor Karapetjanc Crypto Post

Looking at the long term price action, CloakCoin continues to reject the uptrend trendline, and most recent bounce occurred back in April. Price then found the bottom at $4.5 and went up sharply, breaking above the 200 Moving Average.

CLOAK/USD reached the high at $26 and corrected down to the $9 area, where it found the support at 76.4% Fibonacci retracement level. Currently the 200 Moving Average is acting as the support and this could trigger another wave up. Fibonacci applied to the recent corrective wave up shows that the potential upside target could be at 161.8% Fibs, that is $37 area. Therefore, CloakCoin could be aiming for a double top in the medium to long term.

Nevertheless, if price breaks below the support at $9.7, the bullish outlook would be invalid and CLOAK/USD could drop down to the uptrend trendline, the $6 area.

Author

Viktor Karapetjanc

Crypto Post

Viktor is a Chief Editor, veteran currency trader. He started his trading career in 2001 when he began to study Forex and Binary options trading techniques. Not long after he became a trading systems engineer and algorithmic trading guru.

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