BlackCoin Needs To Prove It’s Worthy

Following the previous idea on BlackCoin, it did, in fact, moved higher although it has reached the upside target and currently rejecting the resistance. The resistance is at $0.36, which is 161.8% Fibonacci retracement level applied to the corrective wave after the downtrend trendline breakout.

BLK/USD hasn’t managed to go above the $3.6 resistance and produced a spike reaching the $4 psychological level. This price is currently acting as a key resistance for Blackcoin that has to be surpassed in order for it to move higher. Currently, it is trading right at the support and could look attractive for investors, but it could go even lower, back to the trendline or even back to $0.088 support.

To summarise, technically speaking, Blackcoin has a strong upside and could go as high as $1 psychological round number, but it must break and close above the $4 resistance. While trading below the resistance, more decline could be expected.

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