Counterparty VS Bitcion Reversal Attempt
Counterparty seem to have found the bottom at BTC 0.00133, as after bouncing off that level price started to produce higher highs and higher lows. The break above the downtrend trendline as well as 50 Moving Average suggests that it could be an attempt to revers the trend to the upside.
The uptrend trendline is being rejected and today XCP/BTC broke, and currently trading above the 50 Moving Average once again. Nevertheless, before confirming the uptrend, Counterparty must break all the upcoming resistance levels.
First is at 88.6% Fibonacci retracement level at BTC 0.00186, which has been previously broken from above. Second resistance has been already formed on 3rd of March as is based at BTC 0.00214. And final resistance is at 76.4% Fibonacci, that is BTC 0.00255.
Daily break and close above the final resistance should confirm trend reversal, but before that, any upwards move should be considered as a correction.
On a downside, break and close below the uptrend trendline should invalidate short term bullish outlook and extend the consolidation, potentially sending XCP/BTC down to psychological support at BTC 0.001
Source: Read Full Article