TimeNewBank token had a massive correction down after reaching an all-time high at 2255 satoshis. Price declined by 86% and found the support only at 300 satoshis area. This is the 261.8% Fibonacci retracement level, applied to the corrective wave after the uptrend trendline breakout. The support is being rejected, and during the period of two months price failed to go any lower.
While staying above the support level, TNB/BTC could have formed a strong bottom, which might result in a trend reversal. The first target is at 720 satoshis, and second is at 1250 satoshis, both correspond to the Fibonacci retracement levels and previous levels of the support/resistance.
On a downside, break and close below 250 satoshis should invalidate short-term bullish outlook and extend the consolidation. No major decline can be expected since TNB current price is already extremely low and trading at 360 satoshis.
While staying above the support level, TNB/BTC could have formed a strong bottom, which might result in a trend reversal. The first target is at 720 satoshis, and second is at 1250 satoshis, both correspond to the Fibonacci retracement levels and previous levels of the support/resistance.
On a downside, break and close below 250 satoshis should invalidate short-term bullish outlook and extend the consolidation. No major decline can be expected since TNB current price is already extremely low and trading at 360 satoshis.
Comment:
First target reached