Since 24th of April BitBay has been steadily declining and established a clear downtrend, while producing lower lows and lower highs. Although on the 29th of June, BAY/BTC has rejected the 127.2% Fibonacci retracement level and price corrected up.
It went up from 325 satoshis support up to 500 satoshis, where it faced a strong resistance. The resistance is confirmed by two Fibonacci retracement levels as well as two Gann Fan trendlines. This makes it an extremely strong obstacle for BitBay, that currently prevents it from going upwards.
While the resistance is holding price is likely to continue moving lower, towards either 127.2% Fibs at 325 satoshis, or towards 161.8% Fibs at 160 satoshis.
At the same time BitBay might break above the resistance level, which should be the signal of a potential trend reversal. Daily break and close above 525 satoshis, can start inviting more buyers, that pushing price much higher.
It went up from 325 satoshis support up to 500 satoshis, where it faced a strong resistance. The resistance is confirmed by two Fibonacci retracement levels as well as two Gann Fan trendlines. This makes it an extremely strong obstacle for BitBay, that currently prevents it from going upwards.
While the resistance is holding price is likely to continue moving lower, towards either 127.2% Fibs at 325 satoshis, or towards 161.8% Fibs at 160 satoshis.
At the same time BitBay might break above the resistance level, which should be the signal of a potential trend reversal. Daily break and close above 525 satoshis, can start inviting more buyers, that pushing price much higher.
Trade closed: target reached