Viktor Karapetjanc
Crypto Post
On the 24th of June, Metaverse formed a double bottom at 7820 satoshis, after which price went up sharply, resulting in a 160% growth against the Bitcoin. Price has found the resistance at 20900 satoshis, where it has rejected the 38.2% Fibonacci retracement level.
But at the same time ETP/BTC broke above the descending channel and closed above the 200 Moving Average on the daily chart. This could mean the beginning of an uptrend, with the strong upside potential.
Still, the corrective move down could take place, especially after such a strong growth. ETP could decline towards 38.2% Fibonacci support at 15875 satoshis, and perhaps even lower, prior to the uptrend continuation.
There are two scenarios where investors could take advantage of the potential uptrend. Either wait a corrective wave down, the rejection of the Fibonacci support, or trade the breakout above the current resistance level.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CryptoPost constitutes an investment recommendation, nor should any data or Content published by CryptoPost be relied upon for any investment activities. CryptoPost strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
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