iExec RLC vs Bitcoin Uptrend Is Valid
Since April, iExec RLC has been steadily moving upwards and gained 180% against the Bitcoin in just 6 weeks. Price went from 1k satoshis up to the 3.2k satoshis high, where it formed a double top.
Nevertheless trend remains bullish and RLC/BTC continues to reject the uptrend trendline and the 50 Moving Average, while producing higher highs and higher lows. On the recent corrective wave down, RLC found the support at 50% Fibonacci retracement level, that is 2120 satoshis. The support has been rejected cleanly, suggesting that the uptrend might continue.
But the confirmation of the uptrend would be preferable and break and close above the 3k satoshis resistance could be the first signal. Then RLC/BTC could jump towards the strong resistnace area, between 5.3k and 5.5k satoshis, that it confirmed with the Fibs retracement applied to the corrective wave down after the breakout of the 2120 resistance.
The downtrend could take place only if the 3k resistance will not be broken and price breaks below the 2120 support and the uptrend trendline.
Nevertheless trend remains bullish and RLC/BTC continues to reject the uptrend trendline and the 50 Moving Average, while producing higher highs and higher lows. On the recent corrective wave down, RLC found the support at 50% Fibonacci retracement level, that is 2120 satoshis. The support has been rejected cleanly, suggesting that the uptrend might continue.
But the confirmation of the uptrend would be preferable and break and close above the 3k satoshis resistance could be the first signal. Then RLC/BTC could jump towards the strong resistnace area, between 5.3k and 5.5k satoshis, that it confirmed with the Fibs retracement applied to the corrective wave down after the breakout of the 2120 resistance.
The downtrend could take place only if the 3k resistance will not be broken and price breaks below the 2120 support and the uptrend trendline.
Comment:
price at the trendline, expecting to move up from now