RequestNetwork VS Bitcoin Range
Request Network recently rejected the resistance at 3650 satoshis and continues to trade downwards within the descending channel. However, REQ/BTC has produced a double bottom at 2525 satoshis, which could suggest that the price has bottomed out or very close to the bottom.
The fact is that the 61.8% Fibonacci support at 2900 satoshis hasn't been broken as the daily close was above that price. Currently, Request Network is trading at this support level and next move will determine the short-term price action.
Break and close below the 2900 satoshis should push price further down towards 2300 satoshis, that is 227.2% Fibonacci retracement level applied to the corrective wave up after breaking the 3650 support level. While if it manages to hold current support, REQ/BTC could start rising towards 3650 resistance. It seems like now is a waiting time, because, in order to establish the long-term uptrend, 3650 resistance must be broken.
The fact is that the 61.8% Fibonacci support at 2900 satoshis hasn't been broken as the daily close was above that price. Currently, Request Network is trading at this support level and next move will determine the short-term price action.
Break and close below the 2900 satoshis should push price further down towards 2300 satoshis, that is 227.2% Fibonacci retracement level applied to the corrective wave up after breaking the 3650 support level. While if it manages to hold current support, REQ/BTC could start rising towards 3650 resistance. It seems like now is a waiting time, because, in order to establish the long-term uptrend, 3650 resistance must be broken.
Trade closed: target reached