The downtrend of the Adex has ended at 5500 satoshi where it found the bottom and then went up breaking above the descending channel and hitting the 25k satoshi high. The corrective wave followed resulting in a rejection of the 61.8% Fibonacci retracement level, after which the downtrend trendline was penetrated, suggesting the beginning of an uptrend.
Fibonacci applied to the corrective waves down after the descending channel and the downtrend trendline breakouts show the strong resistance at 44k satoshi, that is over 200% potential gain from the current price. Although the timing and the price seem to be right, the consolidation could also take place.
On a downside, daily break and close below the 12k sathoshi could invalidate bullish outlook.
Fibonacci applied to the corrective waves down after the descending channel and the downtrend trendline breakouts show the strong resistance at 44k satoshi, that is over 200% potential gain from the current price. Although the timing and the price seem to be right, the consolidation could also take place.
On a downside, daily break and close below the 12k sathoshi could invalidate bullish outlook.
Comment:
Adex still can't decide whether to hold or break the support. Currently it is right at the support
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