Synereo AMP downside risk

Viktor Karapetjanc Crypto Post

Synereo AMP is clearly trading upwards if looking on the long term picture. Today price reached the uptrend trendline which could potentially be the turning point, where the long-term uptrend could resume.

But, as of yet there is no confirmation that the trendline is rejected and more data is required. Break below the trendline should result in further decline, towards major support at $0.123, that previously acted as the resistance as well as support.

At the same time, if daily close will not get below the uptrend trendline, the wave up could begin sooner than expected. This could result in either a long term uptrend continuation or a strong corrective wave up, towards the upper trendline of the descending channel.

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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