Following the previous idea on Synereo AMP, uptrend has begun as expected and price went all the way up and above the first strong resistance at 5k satoshis area. While the resistance has been broken AMP/BTC managed to break and close above the ascending channel signalling on a potential strong move up.
Currently price retraced back to 50% Fibonacci retracement and the upper trendline of the extended descending channel. It is also very close to the 200 Moving Average, thus the area between 3-4k satoshis should be treated as a massive support for Synereo.
While the uptrend is expected to continue, the next resistance is at 6k satoshis, which is 38.2% Fibonacci retracement level applied to the ascending channel breakout point. Second resistance is at 6.6k and Final upside target for the wave up could be as high as 8k satoshis.
On a downside, price could still consolidate for a little longer and even go back to 3k satoshis area. However, this is likely the worst case scenario for Synereo as the bull seem to dominate currently.
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