Following the double bottom formed at $50 support area, Gnosis moved higher, breaking above the downtrend trendline, then 200 Moving Average and Finally above the descending channel. These facts can not be ignored and should be considered as a potential beginning of the uptrend.
The nearest resistance for GNO/USD is at 127.2% Fibonacci retracement level applied to the corrective wave after the downtrend trendline breakout. The second much stronger resistance is at 227.2%, which is $233 price level. It corresponds well with the upper trendline of the extended descending channel and previous resistance formed in August.
If the $233 level is reached and broken, much more upside potential will present itself where Gnosis could rise up to the $500 mark where two Fibonacci levels are inline with each other. First 627.2% and second is 127.2% applied to the all-time high $400 down to the current support at $50. Only a break and close below the $80 support could invalidate bullish outlook.
The nearest resistance for GNO/USD is at 127.2% Fibonacci retracement level applied to the corrective wave after the downtrend trendline breakout. The second much stronger resistance is at 227.2%, which is $233 price level. It corresponds well with the upper trendline of the extended descending channel and previous resistance formed in August.
If the $233 level is reached and broken, much more upside potential will present itself where Gnosis could rise up to the $500 mark where two Fibonacci levels are inline with each other. First 627.2% and second is 127.2% applied to the all-time high $400 down to the current support at $50. Only a break and close below the $80 support could invalidate bullish outlook.
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Gnosis rejecting support
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nice wave up
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second target reached
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resistance rejected
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resistance breakout should trigger a strong wave up
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strong wave up followed, getting close to the target