BlockNet continues to produce lower lows and lower highs with a clear downtrend in place. The most recent rejection of the $24 resistance, that is 23.6% Fibonacci retracement level, confirms bearish intentions of the BLOCK/USD.
While the resistance is holding price might drop below the previously established low at $13.75, aiming for the $10 psychological support, which is 88.6% Fibonacci retracement level.
However, if price stays above $13.75 and will break the $24 resistance, there are good chances that BlockNet will reach $50 target. But obviously its far too early to talk about the uptrend at this stage.
While the resistance is holding price might drop below the previously established low at $13.75, aiming for the $10 psychological support, which is 88.6% Fibonacci retracement level.
However, if price stays above $13.75 and will break the $24 resistance, there are good chances that BlockNet will reach $50 target. But obviously its far too early to talk about the uptrend at this stage.
Comment:
BockNet very close to support area
Trade closed: stop reached
Comment:
Blocknet support rejected