Burst Targets and Obstacles
Burst coin does look very healthy and could provide a substantial growth on invested coins. Although there are quite a few obstacles on its’ way up.
BURST/USD found the support at $0.005, rejecting it multiple times and then breaking above the descending channel. At the same time, it broke above the 200 Moving average and on a corrective wave down rejected it. Higher highs and higher lows pattern is also present, and with all given facts the conclusion is that Burst has established an uptrend.
First strong resistance is seen at 50% Fibonacci retracement level, the very same resistance that has already been rejected on the 3rd of September and could act as a heave resistance once again. Then Burst could overcome 61.8% and 71.6% retracement leves and if that happens it should rise towards 127.2% that is $0.032, or 161.8% that is $0.04
While the enourmous growth potential is there, reistance levels must be watched and only break below the $0.005 support would invalidate bullish outlook.