Gnosis Trend Is Still UP

Gnosis found the bottom at btc 0.0056 and started to move up, breaking the key resistance area around btc 0.017 followed by the 200 Moving Average breakout. Price managed to go as high as btc 0.029, breaking above the 161.8% Fibonacci retracement level applied to the corrective wave after the MA and the resistance breakout.

This suggests that the uptrend is incomplete and there are more gains to come while reaching at least a double top at btc 0.29 or a longer term rise.

Back to the current situation, GNO/BTC has corrected back to btc 0.015 support level, and this is where 4/1 Gann Fan trendline is being rejected. If daily close will remain above that support, Gnosis is likely to continue going higher. But, break and close below the support could result in another wave down towards btc 0.011 support before the continuation of the uptrend.

In any case, the price is looking attractive and this could be the starting point for the uptrend continuation. Only daily break and close below the btc 0.0056 could invalidate bullish outlook.



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