BitBay reached an all-time high in June, hitting $0.053, after which a heavy corrective wave down followed, where BAY/USD lost 75% of its’ value against USD. However, BitBay long-term trend remains upwards as the uptrend trendline has been respected by the market participants and at the same time, RSI Oscillator also bouncing off the trendline.
After the corrective wave down, BitBay has been consolidating between $0.013 and $0.03, where support and resistance have been formed. On the 30th of September Daily close was above the resistance, which was the first sign of a long-term uptrend continuation. Although it corrected back down and rejected the uptrend trendline once again.The downtrend trendline of the corrective wave has been broken and now together with the increase in trading volume BitBay could start moving higher.
There is one strong resistance at $0.06, which corresponds with two Fibonacci retracement levels applied to the corrective wave after the downtrend trendlines where broken. This could be the upside target for BitBay in the medium term future. It appears that only a daily close below $0.018 support would be able to trigger a trend reversal before that trend remains bullish.