Simple Token Bottomed Out?
Simple Token has found the support at 161.8% Fibonacci retracement applied to the corrective wave up after the break below the 3800 satoshis support. The Fibonacci support has been rejected cleanly after which price broke above the downtrend trendline.
While the 1580 satoshis support is holding, it is likely that OST/BTC will continue rising towards 3800 satoshis resistance area, although this could be just the very first wave of the uptrend. Break above the 3800 resistance could be the beginning of the strong uptrend, sending the price to the new all-time high.
On the downside, break and close below 1580 satoshis could invalidate bullish outlook and push price lower to 1k satoshis psychological support.
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