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Substratum potential 20% gain over Bitcoin

Substratum found the bottom at 3824 satoshis, tested on the 13th of June. Then price broke above the descending channel, and finally, today it broke above the 50 Moving Average suggesting the beginning of either a correctional wave up, or a long term uptrend continuation.

SUB/BTC price is likely to increase towards the 61.8% Fibonacci retracement level area, that is around 5200 satoshis. Previously price rejected this level as the support on two occasions.

The downside risk at this point is minimal, although a short term consolidation or a small move down can be expected. But only break and close below the 3824 low could result in a continuation of an uptrend and invalidate growth potential.

Bitcoin

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Viktor Karapetjanc

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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