Whatever goes up must come down, i knew time was going to come for Synthetix to submit to the bears and for sure they came are ravaged all bullish rallies and the whole market retreated but they managed to hold their ground and lost only half of their gains. We can see Bitcoin and Ethereum Showing signs of life but here is the question:
The Walls of Jericho
Is Synthetix going to disrespect the current resistance level it has and jump into the bullish train. Its now on the dilemmas as there is a bearish doji on weekly chart and on that very same chart we have a bullish candle hovering around $13.89 which is the resistance level.
If you look at this Daily chart you can see that SYN broke below and that broken support in now the resistance which is now holding strong. After breaking below it has now gone to retest that level but if this weekly candle closes below $13.6 then expect another sell from SYN.
Conclusion
As for me its not the right time to buy Synthetix because its still gathering more volumes to break that resistance and if you look closes you can see the bears are still in charge though they seem tired. Is wise to buy when it has broken above $16.62 and do a retest then it will be an opportunity to look for buy opportunities
