TimeNewBank has been moving withing the descending channel from 15th of May, up until the 17th of July, when the channel was broken. Nevertheless price continued to move lower and has reached $0.009 low on the 14th of August, where it has rejected the upper trendline of the descending channel – this time acting as the support.
According to the Fibonacci Time Zone indicator, a new cycle is about to start. If current low at $0.009 level will hold, the new cycle could result in a trend reversal or a strong correction up at the very least.
First strong resistance is seen at $0.02, which is 23.6% Fibonacci retracement level. If this resistance will be broken, further growth should be expected, where TNB/USD would move towards the next Fibs resistance, either $0.025, $0.03 or $0.036.
On the chart multiple price development scenarios are presented, but most importantly resistance levels that should be watched, which should help to determine which of the scenarios will be the most probable.