Since January the 1st Incent has been correcting downwards for the all-time high at 7.7k satoshi, down to the 2.6k satoshi, losing 65% to the Bitcoin. From 2.6k price went up to the 3.4k satoshi resistance while forming a bullish divergence on the RSI oscillator.
Currently, there seems to be a buying opportunity, but the 3.4k satoshi resistance must be broken. This resistance level is inline with the inverted head and shoulders neckline trendline. On the breakout, the H and S pattern should be completed by sending price back to the 5.4k satoshi resistance, that previously was rejected several times.
Break above the resistance should establish a longer-term uptrend sending price much higher. On a downside, the support in at 2.4k satoshi and only break and close below could invalidate bullish outlook.
Currently, there seems to be a buying opportunity, but the 3.4k satoshi resistance must be broken. This resistance level is inline with the inverted head and shoulders neckline trendline. On the breakout, the H and S pattern should be completed by sending price back to the 5.4k satoshi resistance, that previously was rejected several times.
Break above the resistance should establish a longer-term uptrend sending price much higher. On a downside, the support in at 2.4k satoshi and only break and close below could invalidate bullish outlook.
Comment:
neckline is broken
Comment:
support rejected
Comment:
double bottom is formed at the support