Today EmerCoin has tested the low at 35k satoshis where it has rejected the 3/1 Gann Fan trendline. At the same time the 61.8% Fibonacci retracement level has been rejected, and although the EMC/BTC went below it, the closing price stayed above 35970 satoshis Fib support.
Nevertheless, the resistance has been formed at 40k satoshis, that is 38.2% Fibonacci retracement level, where 200 Moving Average was rejected multiple times.
The support and resistance levels are formed and break above or below is required for EMC/BTC to establish further direction. Currently the consolidation could be the case, that will take a number of days.
But it is important to watch for the breakout, either above resistance or below support. Break below the support should result in a continuation of the downtrend, potentially sending price down to 27k satoshis area. And the break above the 40k psychological resistance might be the long waited confirmation of the uptrend.
Nevertheless, the resistance has been formed at 40k satoshis, that is 38.2% Fibonacci retracement level, where 200 Moving Average was rejected multiple times.
The support and resistance levels are formed and break above or below is required for EMC/BTC to establish further direction. Currently the consolidation could be the case, that will take a number of days.
But it is important to watch for the breakout, either above resistance or below support. Break below the support should result in a continuation of the downtrend, potentially sending price down to 27k satoshis area. And the break above the 40k psychological resistance might be the long waited confirmation of the uptrend.