SONM Retrace Is Complete | Now It Moves Back Up!

SONM (SNMBTC) gave really good earnings for us and started to retrace.

As you can see in the chart above, on the 22-Sept. it moved up and challenged EMA200 (Orange line) and then it started to retrace.

Now that SNMBTC touched the 0.786 Fib. retracement level, it is very likely to move back up and challenged higher levels.

Its price is now above EMA10, EMA50 and EMA100 with volume just starting to come in and a bullish RSI.

This is a nice setup and can easily move higher. If the price moves below the blue line it can go lower. Above it is bullish.

Namaste.

Kommentera:

This chart remains the same.
The same analysis is still valid.

If the blue dashed line remains intact then we keep the same view.