Verium VS Bitcoin Ready For a Jump?
Updated
Verim price started to rise on the 11th of December and went up from 13k up to 135k satoshi, resulting in a 958% growth in less than a month. The interesting thing is that VRM/BTC failed to test the 76.4%, but it broke above the 61.8% Fibonacci retracement level.
Price continues to bounce off the 200 Moving Average and the 4/1 Gann Fan trendline, suggesting that the uptrend is likely to continue. First strong resistance is at 76.4% Fibs, that hasn't been yet tested. While the consolidation period might take some time, the uptrend remains valid and Verium is expected to produce a double top and if resistance is broke could go much higher. Only break and close below 23.6% Fibonacci support at 51k satoshi could invalidate bullish outlook.
Price continues to bounce off the 200 Moving Average and the 4/1 Gann Fan trendline, suggesting that the uptrend is likely to continue. First strong resistance is at 76.4% Fibs, that hasn't been yet tested. While the consolidation period might take some time, the uptrend remains valid and Verium is expected to produce a double top and if resistance is broke could go much higher. Only break and close below 23.6% Fibonacci support at 51k satoshi could invalidate bullish outlook.
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