Since the beginning of May, when BlockMason Credit Protocol rejected the resistance at 6900 satoshis, it has lost over 46% to the Bitcoin. Currently BCPT/BTC is trading at 3860 satoshis, and this is 161.8% Fibonacci retracement applied to the corrective wave up after the ascending channel breakout.
Today price reached this support level and seem reject it, while starting to move slightly upwards. The current Fib support should play a key role in further price development and while it continues to be respected by the market, trend reversal is likely to take place.
On the other hand, daily break and close below 3860 sats should trigger yet another wave down, that should result in the decline towards next Fibonacci support level, that is 2600 satoshis.
Today price reached this support level and seem reject it, while starting to move slightly upwards. The current Fib support should play a key role in further price development and while it continues to be respected by the market, trend reversal is likely to take place.
On the other hand, daily break and close below 3860 sats should trigger yet another wave down, that should result in the decline towards next Fibonacci support level, that is 2600 satoshis.
Comment:
Support holding
Trade closed: target reached