EnergyCoin Upcoming Wave UP
EnergyCoin has reached the all-time high, hitting $0.54, and corrected down sharply. The decline resulted in a 81% loss against the USD and was stopped at $0.1.
At the bottom, the RSI Oscillator formed the bullish divergence suggesting the upcoming wave up. Price started to move higher and broke above the descending channel, 200 Moving Average and 2/1 Gann Fan trendline.
So far all the facts are in favor of the potential growth, where the first strong resistance is seen at 38.2% Fibonacci retracement level, that is $0.27. Break above that resistance should result in more growth towards 50% Fibs at $0.32.
The question remains if ENRG/USD will break above first and/or second resistance because if any of them will be rejected, more consolidation could take place.
On a downside, current support is based at $0.13, but the price could potentially decline even back to $0.1 psychological support area. And only break and close below $0.1 should invalidate bullish outlook.
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