BitBay Buy Trade Setup

BitBay Buy Trade Setup

After hitting the low at USD 0.0176, Bitbay went up, but not much. BAY/USD found the resistance at 23.6% Fibonacci retracement level that is $0.0338. There BitBay formed double top and rejected the 200 Moving Average.

Overall, resistance price is seen at recently formed spike, which hit $0.035. Keeping in mind that this could be the key resistance level, buying opportunity might present itself on the break above that level.

Daily break and close above $0.035 should trigger further growth, towards one of the Fib levels. First upside target is at 50% level, which is $0.052. Second resistance is at 61.8% Fibs, which is $0.06.

At the same time, if the current resistance will hold, price is likely to decline, down to the previous support at $0.017, thus forming a double bottom.

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