Gulden Breaks Above The Channel
Gulden found the bottom at 500 satoshi and started to move higher breaking above the 200 Moving Average. After the breakout price corrected back and rejected both the 200 MA and the uptrend trendline.
The next wave up followed and NLG/BTC broke above the descending channel suggesting the uptrend has started. Considering that the price was rising sharply it is possible that Gulden will take a break and consolidate for a little while, but the immediate uptrend continuation is also possible especially after price rejected the upper trendline of the descending channel.
The first target is seen at 6k satoshi, that is 38.2% Fibonacci retracement applied through the all-time high. The second target is 7.7k satoshi that is 50% Fibs that goes inline with a 361.8% retracement level of the Fibs applied to the last corrective wave down. Only break and close 500 satoshi could invalidate bullish outlook.
The next wave up followed and NLG/BTC broke above the descending channel suggesting the uptrend has started. Considering that the price was rising sharply it is possible that Gulden will take a break and consolidate for a little while, but the immediate uptrend continuation is also possible especially after price rejected the upper trendline of the descending channel.
The first target is seen at 6k satoshi, that is 38.2% Fibonacci retracement applied through the all-time high. The second target is 7.7k satoshi that is 50% Fibs that goes inline with a 361.8% retracement level of the Fibs applied to the last corrective wave down. Only break and close 500 satoshi could invalidate bullish outlook.
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