Today Decred has rejected the $58.5 level, that is 261.8% Fibonacci retracement applied to the corrective wave up after the ascending channel breakout. Simultaneously, DCR/USD bounced off the 3/1 Gann Fan trendline which has acted as the support.
And finally, RSI formed a bullish divergence suggesting the potential trend reversal. If price stays above the $58 support it is very likely that the trend will change and Decred will eventually start producing higher highs.
At this point it is a very early stage of the trend reversal, which need more confirmations to say with confidence that the trend is now up. Therefore, it is important to watch for the $81 resistance level breakout as this could be a long waited trend reversal confirmation.
And finally, RSI formed a bullish divergence suggesting the potential trend reversal. If price stays above the $58 support it is very likely that the trend will change and Decred will eventually start producing higher highs.
At this point it is a very early stage of the trend reversal, which need more confirmations to say with confidence that the trend is now up. Therefore, it is important to watch for the $81 resistance level breakout as this could be a long waited trend reversal confirmation.
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