BlockNet VS Bitcoin Inverted Head And Shoulders

Blocknet has been moving downwards for over three months, after reaching btc 0.007 high in August 2017. Price declined down to btc 0.001, resulting in 85% loss to the Bitcoin. Since December BLOCK/BTC has been recovering and went up as high as btc 0.005, while breaking above the 200 Moving Average.

The MA has been acted as a support that clearly was respected by the market. After the last rejection of the Moving Average, BlockNet broke above the neckline trendline of the Head And Shoulders pattern, suggesting the continuation of the uptrend towards previous highs. The resistance area is between btc 0.0065 and 0.0075 which is expected to be reached in the short to medium term.

On the downside, the support area is based between btc 0.0028 and 0.0024, where only daily break and close below could invalidate bullish outlook.

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