EnergyCoin has been bouncing off the uptrend trendline as well as 200 Moving Average for an extended period of time and recently has spiked up as expected. ENRG/USD went all the way up to $0.55 from $0.07 support, resulting in over 600% growth.
Price corrected back and currently is rejecting the downtrend trendline which previously acted as a resistance, but this time it is the support trendline. Price could jump up again as EnergyCoin continues trading above the 200 Moving Average and above the $0.13 support.
It could very well produce the double top near $0.5-0.55 area after which the consolidation period could start. But break above that area could invite more buyers, sending price even higher. There are two support levels that should be watched closely, $0.13 and $0.07. EnergyCoin could still range trade for a little longer and even get back to $0.13 before going higher, but only break and close below $0.07 could invalidate bullish outlook in the short-medium term.
Price corrected back and currently is rejecting the downtrend trendline which previously acted as a resistance, but this time it is the support trendline. Price could jump up again as EnergyCoin continues trading above the 200 Moving Average and above the $0.13 support.
It could very well produce the double top near $0.5-0.55 area after which the consolidation period could start. But break above that area could invite more buyers, sending price even higher. There are two support levels that should be watched closely, $0.13 and $0.07. EnergyCoin could still range trade for a little longer and even get back to $0.13 before going higher, but only break and close below $0.07 could invalidate bullish outlook in the short-medium term.
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Seems its time to buy now
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EnergyCoin moving according to the plan...
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