UTRUST (UTK) Bounce, Will It Continue Growing?

9 Nov 2020

We can see that UTRUST (UTKBTC) has now been added to Binance and this question comes to mind...
Is this just a small bounce or will the uptrend be resumed here?

Let's have a closer look!

UTKBTC peaked in late-Aug. with a wick higher again in October, but a retrace was taking place.

We are seeing prices bounce now that EMA300 (grey line) and MA200 (black line) support level has been hit.

These two moving average lines also coincide with the middle range in-between 0.618 and 0.786 Fib. retracement support.

Both the EMA300/MA200 and 0.618/0.786 Fib. retracement support are very strong levels.

Giving us the first signal that the retrace might be coming to an end here.

If we look at the weekly timeframe, support is being found at EMA50, which is another important level for cryptocurrency and altcoins, a level where reversals tend to happen.

Now, we also have a volume breakout, strong RSI, and a bullish MACD cross.
Another strong signal favoring the bulls is the hidden bullish divergence with the MACD.

There can be a little more consolidation but according to the chart signals, UTKBTC can soon resume its growth.

Namaste.