Since 2nd of July, when EmerCoin has reached strong psychological resistance at 50k satoshis high, price has been correcting down. It has reached 78.6% Fibonacci retracement level at 40k satoshis, but up until now failed to close below.
The current spike down, shows that price has bounced off the 88.6% Fibs as well as 200 Moving Average. Therefore, as the price stays above 38.6k satoshis, the uptrend is likely to continue. However, break and close above 43.6k satoshis resistance is required in order to confirm the uptrend.
But on the other hand if EMC/BTC will close below 38.6k satoshis support, further correction down could take place. Price would probably drop towards one of the next Fibonacci support levels. Either 36k, 32k or even down to previous low at 27k satoshis.