AppCoins vs Bitcoin Bullish Divergence

AppCoins has been steadily moving down since the beginning of May. Price has decline from 8455, down to 3900 satoshis, loosing 54% to the Bitcoin. On the 27th of May, APPC/BTC found the support at 23.6% Fibonacci retrenchment level, applied to the uptrend trendline breakout point.

Today AppCoins is attempting to form a double bottom at the very same support area, around 4k satoshis, while forming a bullish divergence on the RSI oscillator. This could be a reversal time, where trend could change the direction, from down to up.

But APPC must stay above previous low established back in March, that is 3780 satoshis. If it breaks below, bullish outlook would be invalidated and downtrend continuation might take place.



Please enter your comment!
Please enter your name here