Golem VS Bitcoin Buying Opportunity

Golem found the support at 1550 satoshi, after suffering a major decline from 27700 satoshi, resulting in a 94% loss to the Bitcoin. GNT/BTC then started to rise almost immediately breaking above the 200 Moving Average.

Uptrend continued up until 8900 satoshi where price broke above the descending channel. The corrective wave down followed and currently Golem is trading just below the 200 Moving average but still the uptrend trendline is being rejected. If Golem will not close below 4800 satoshi and the uptrend trendline will hold, the next potential wave up could result in a 150% growth, where price could be reached 11.5k satoshi, at the 38.2% Fibonacci retracement level.

On the other side, if the price will close below the 4800 sats it is possible that Golem once again will test one of the support levels, either 3100 or 3900 sats, before going higher. At this point, price looks very attractive for a medium-term buying opportunity with a relatively low risk.

http://cryptopost.com/golem-vs-bitcoin-buying-opportunity/