Gulden VS Bitcoin Established Strong Support
Since 10th of March, when Gulden found the low at 1030 satoshis, price has been ranging between that support and 1400 satoshis resistance. At least 3 times NLG/BTC rejected the support, with the most recent bounce occurred on the 19th of June.
It seems that after that, price broke above the descending channel, signalling on a potential trend reversal. NLG found the local high at 1170 satoshis and today trading near that area. Till now, it failed to break above and produce a new higher high, thus, there are still doubles about the reversal potential.
But, if it managed to break and close above the probability of the reversal will become much higher and this could trigger wave up, towards the previous resistance at 1170 sats. Then, if broken NLG should continue moving higher towards the key resistance level at 1820 satoshis.
But there is also an alternative growth scenario. If price stays below the local high, Gulden, might go down and potentially produce the spike below the previous low, formed back on 14th of May, and only then begin the correction, or a reversal.
It seems that after that, price broke above the descending channel, signalling on a potential trend reversal. NLG found the local high at 1170 satoshis and today trading near that area. Till now, it failed to break above and produce a new higher high, thus, there are still doubles about the reversal potential.
But, if it managed to break and close above the probability of the reversal will become much higher and this could trigger wave up, towards the previous resistance at 1170 sats. Then, if broken NLG should continue moving higher towards the key resistance level at 1820 satoshis.
But there is also an alternative growth scenario. If price stays below the local high, Gulden, might go down and potentially produce the spike below the previous low, formed back on 14th of May, and only then begin the correction, or a reversal.
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