Almost time to buy, not yet! !
Yesterday, I published my analysis on Virtual protocol and wrote that I would buy when a certain conditions are met.
These conditions are:
1) Daily stochastics (9,3,3) reset and start to move upwards
2) Daily MACD remains above 0 level (bull zone)
3) 4H MACD lines cross and enter the bull zone.
4) 4H stochastics are not overbought territory (it is okay if the conditions above are met but it might experience a few more pull backs if stochastics are overbought)
5) 4H candle breaks and closes above the top descending parallel channel and stays and also it is above Fib 0.236.
In the last few days, the bull is starting to show some signs of strength. Daily stochastic has reset and now is moving back up. Daily MACD remains in the bull territory. Therefore, the environment to open a long position is now present. The price has moved and closed above the descending parallel channel as well as Fib 0.236 in the 4H chart.
HOWEVER, the 4H stochastics has already reached the overbought territory and rolling down before 4H MACD made it to the bull territory. That means, the first attempt for the bull run has failed. The price might move sideways between key fib levels for a while until the stochastic is reset.
These conditions are:
1) Daily stochastics (9,3,3) reset and start to move upwards
2) Daily MACD remains above 0 level (bull zone)
3) 4H MACD lines cross and enter the bull zone.
4) 4H stochastics are not overbought territory (it is okay if the conditions above are met but it might experience a few more pull backs if stochastics are overbought)
5) 4H candle breaks and closes above the top descending parallel channel and stays and also it is above Fib 0.236.
In the last few days, the bull is starting to show some signs of strength. Daily stochastic has reset and now is moving back up. Daily MACD remains in the bull territory. Therefore, the environment to open a long position is now present. The price has moved and closed above the descending parallel channel as well as Fib 0.236 in the 4H chart.
HOWEVER, the 4H stochastics has already reached the overbought territory and rolling down before 4H MACD made it to the bull territory. That means, the first attempt for the bull run has failed. The price might move sideways between key fib levels for a while until the stochastic is reset.
Trade active
Well, clearly the market was waiting for CPI data from US. Once the date was released, the entire market started to pick. Virtual blasted off. The price has reached to Fib 0.618 level and you can see the sell block is sitting right above it. My overall bias for Virtual is extremely bullish. I have been Virtual from $0.50 and haven't sold any even during the recent major correction. I was hoping some kind of consolidation would happen when the price breached above Fib 0.236 but went straight to 0.618, instead. I will watch how it will settle during Asian session. If the price consolidates and comes down to Fib 0.382-0.5 area, I might add more position. 
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