BlockSafe Correction Up

Recently Triggers has found the low at $0.48 where it has rejected the middle trendline of the descending channel. The RSI oscillator showed a heavily oversold condition which could result in a corrective wave up. The RSI also broke above the downtrend trendline confirming the potential reversal or correction to the upside.

The support at 227.2% Fibonacci retracement seem to be broken, thus it is too early to speak of the reversal at this point, but the correctional move upwards should be expected. TRIG/USD could reach the nearest resistance at $0.87 in no time, but only break above that resistance might confirm the beginning of the uptrend.

At this point short consolidation period is possible, but only a daily break and close below $0.48 low would invalidate bullish outlook and send price lower, towards the next Fibonacci support at 327.2%.



Please enter your comment!
Please enter your name here