WaltonChain VS Bitcoin approaching key resistance
After WaltonChain hit the low at 9475 satoshis, on the 29th of June, price started to move up slowly, and broke above the descending channel and the 50 Moving Average. Nevertheless, the consolidation started, where WTC/BTC managed to produce higher highs, and failed to go below the established low.
On a corrective move down, price did hit the 9700 satoshis, where it has rejected the 4/1 Gann Fan trendline, went up and yet again broke above the 50 Moving Average. Currently the MA is acting as the support, as well as the channel breakout level at 10744 satoshis.
If this support holds, WTC should go higher, towards the 38.2% Fibonacci resistance level, that is 12440 satoshis. This could be the key resistance for WaltonChain that would help to determine the destiny of the coin in the medium term.
Daily break and close above that resistance shoudl result in a trend reversal, for the medium and potentially long term. Although if the resistance is rejected, a consolation or a correctional move down is very likely.
On a downside, if price will close below 10744 level, WTC could decline down, to hit the 4/1 Gann Fan trendline. And, if it will be broken, the downtrend continuation could be the case.
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.
