SONM vs Bitcoin down to support

Viktor Karapetjanc Crypto Post

Recently SONM has jump up by nearly 50% after it bounced off the 8/1 Gann Fan trendline. SONM/BTC broke above the 200 Moving Average and reached 3000 satoshis high. It seems that this was a strong psychological resistance level, which SONM failed to overcome.

Today price broke below the 200 Moving Average, suggesting yet another wave down. SONM is very likely to re-test the Gann Fan trendline, while correcting down to 78.6% Fibonacci retracement level at 2000 satoshis level.

This is a strong psychological support as well, and if SONM/BTC will reject it, the stronger growth could be expected. But, if broken, downtrend continuation could take place sending price back down to 1k satoshis 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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