Contentos Trading Near Support (What Happens Next?)

11 apr 2020

We are looking at Contentos (COSBTC) and we can clearly see prices trading around support.

This support level is marked on the chart with a yellow square.

The last time this support was activated, COSBTC followed up with a 100%+ bullish wave.

This support has been activated again but we can see a huge rejection when prices hit EMA50 (magenta line) on the way up.

This rejection pushed prices below EMA10, losing the bullish momentum and putting the bears back in control... But the question still remains, what will happen next?

It all depends on the daily and weekly candle close.

We are looking at 72 satoshis (0.00000072) as our all-time low.
Since prices are below EMA10, we look at this level as support.

As long as COSBTC remains above 0.00000072, the support is holding and we are good to go. Meaning, the bullish view (green arrow) can still take form.
But if this low is broken, we will have another drop... A strong bounce is very likely to happen after the drop (blue arrow).

This is not financial advice.

Thanks a lot for your support.

Namaste.