Florincoin VS Bitcoin Support Rejected
Since January Florincoin has been correcting down and went from 2700 down to 755 satoshis, losing 72% to Bitcoin. However, FLO/BTC found the support at 88.6% Fibonacci retracement that has been rejected cleanly on the 7th of April.
After the bounce from the support price went up braking above the 200 Moving Avearge and currently staying above it. The MA is currently acting as the support and if price continues to stay above it, the next wave up should follow. The strong resistance is seen at 50% Fibonacci retracement, that is 3500 satoshis, which corresponds to the upper trendline of the extended channel.
However the condition for the uptrend continuation if that the daily close must stay above the 755 satoshis. But on the other hand it is possible that Florincoin will go back down to that support, only if the breaks below the 200 Moving Average.
After the bounce from the support price went up braking above the 200 Moving Avearge and currently staying above it. The MA is currently acting as the support and if price continues to stay above it, the next wave up should follow. The strong resistance is seen at 50% Fibonacci retracement, that is 3500 satoshis, which corresponds to the upper trendline of the extended channel.
However the condition for the uptrend continuation if that the daily close must stay above the 755 satoshis. But on the other hand it is possible that Florincoin will go back down to that support, only if the breaks below the 200 Moving Average.
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