EMC2 has been one of the best performing cryptos this year and looks set to bounce at least 40%.
It's been locked in a brutal down trend since reaching ATHs on Dec 7 and shaved off 70% of it's value. Today it appears to have found support on the 0.786 Fib level of the previous run up and is eyeing a solid 40% gain at the 0.618 line where it will again encounter the down trend resistance line. I expect it to bounce down off that current ceiling before rallying through and on to revisit former highs. As always, the Alt market is highly exposed to fluctuations in BTC which is currently at a decision point of continuing a down trend or rebounding off support. With this in mind it will pay to wait and see what BTC does before committing to this trade.
It's been locked in a brutal down trend since reaching ATHs on Dec 7 and shaved off 70% of it's value. Today it appears to have found support on the 0.786 Fib level of the previous run up and is eyeing a solid 40% gain at the 0.618 line where it will again encounter the down trend resistance line. I expect it to bounce down off that current ceiling before rallying through and on to revisit former highs. As always, the Alt market is highly exposed to fluctuations in BTC which is currently at a decision point of continuing a down trend or rebounding off support. With this in mind it will pay to wait and see what BTC does before committing to this trade.