Decred / Bitcoin At The Very Bottom?
During the past few weeks, Decred lost to bitcoin almost 60% while moving from btc 0.007 down to the current low at btc 0.0028. A very sharp decline was stopped at the 88.6% Fibonacci retracement level applied through the all-time high and all-time low.
At the same time, DCR/BTC tested the lower trendline of the descending channel for the second time and these facts could indicate that Decred is either at the bottom or very close to it. The possibility of more decline remains, but if this will be the case decline should not be dramatic.
Overall, there is the support around btc 0.003 psychological round number and the trend reversal could be on its way. Its rather early to say that with the confidence, but for those who like risk, the opportunity might be there already. DCR/BTC first strong resistance is at btc 0.006, second btc 0.007, and if 61.8% Fibonacci level is broken more growth could be expected.