Lunyr VS Bitcoin upside targets
After Lunyr has reached the btc 0.0038 high on the 14th of May, price went sharply down and broke below the uptrend trendline. Fibonacci applied to the corrective wave up after the trendline break, shows that support was found at 227.2% level, that is btc 0.00145.
The support has been rejected cleanly and price starting to move up. This tendency is likely to continue, while the price should reached one of the targets/ resistance levels. First resistance eis at btc 0.00188, that corresponds with the previous resistance as well as the uptrend and downtrend trendline. When/if that level is broken the next target is at btc 0.0023, that is 38.2% Fibs.
The downtrend could continue only in case the support level is broken, which at this point seems to be unlikely. However, break and close below the btc 0.00145 should invalidate bullish outlook, where the downtrend might continue.
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.
