Ionomy VS Bitcoin Support Rejected

Ionomy started to show some strength against the Bitcoin after breaking above the 200 Moving Average and descending channel. Price went up from 9k satoshi up to 30k but then corrected down.

The correctional wave was stopped at 16k satoshi, where it rejected the upper trendline of the descending channel and 4/1 trendline of the Gann Fan. Although price could consolidate for a little longer the beginning of the larger correctional wave up is likely to take place.

The first upside target and key resistance is at 61.8% Fibonacci retracement level that is 43k satoshi. If ION/BTC manages to break above, this could mean the beginning of the uptrend. On the downside, only break below the 10k support could invalidate bullish outlook.

 

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