ParkByte has been trending upwards since it tested the low at $0.08 on the 11th of July. Price broke the 200 Moving Average and continues to trade above it. PKB/USD at the same time has been trading within the ascending channel, but on the 25th of December managed to close above, signaling that the uptrend could accelerate.
The buying opportunity is there and considering the recent price action, ParkByte could more than double in value against USD, targeting $3 psychological resistance level. At this price two Fibonacci confirming the resistance, first is the 127.2% applied to the corrective wave down from June, and the 361.8% Fibs applied to the corrective wave after the ascending channel breakout. Keep in mind that break below the $6.5 support could invalidate bullish outlook.
The buying opportunity is there and considering the recent price action, ParkByte could more than double in value against USD, targeting $3 psychological resistance level. At this price two Fibonacci confirming the resistance, first is the 127.2% applied to the corrective wave down from June, and the 361.8% Fibs applied to the corrective wave after the ascending channel breakout. Keep in mind that break below the $6.5 support could invalidate bullish outlook.
Comment:
Nice wave up
Trade closed: target reached:
Closed at 2.85