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.
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