NCash VS Bitcoin Short Term Uptrend

Recently NCash has found the bottom at 214 satoshis area. There it formed a double bottom, after which price went up and broke above the descending channel. Today NCASH/BTC broke above the 200 Moving Average, suggesting the beginning of an uptrend.

Fibonacci applied to the corrective wave down after the descending channel breakout shows that the nearest strong resistance is at 260 satoshis, which corresponds to the previous support and resistance.

At this stage NCash should continue moving higher, although small corrective move down can also be expected. Break below 200 satoshis could invalidate bullish outlook where the downtrend continuation will take place.

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