Aeron VS Bitcoin Double Bottom Formation

Aeron has formed a double bottom on the 27th of June, that was accompanied by the bullish divergence on the RSI oscillator, suggesting a correctional move up or a trend reversal. After that price went up and broke above the 50 Moving Average, reaching the 23.6% Fibonacci retracement at 11.4k satoshis.

The resistance seems to be broken although ARN/BTC failed to close above on the 4h chart. At this point a correctional move down is taking place, but ARN has already stated printing higher highs and higher lows and therefore the upwards momentum is likely to continue.

The key resistance is seen at 38.2% Fibonacci level, that is 13k satoshis area, and it corresponds to the middle trendline of the descending channel. Break and close above that resistance should confirm the trend reversal and should result in a strong growth, with the next target at 78.6% Fibs at 17.5k satoshis.

SHARE

LEAVE A REPLY

Please enter your comment!
Please enter your name here