Anytime we've seen Vertcoin sub $8.00 it's been easy money. I just noticed this descending wedge pattern forming and I think this thing is ready for takeoff. If you notice, the RSI and MACD have been consolidating for a while and are ready for a breakout. Bullish runs give me the feeling this is going up, as long as Bitcoin continues either sideways or up. So many opportunities today!
Target is just the top of the wedge of the start of the wedge, however there is a chance that this goes higher, so you may want to ride it out. If the market wasn't so overbought, I would turn this into a long-term position.
5 minute charts show this to be oversold. And we are seeing support at the bottom line of the wedge. I made sure I hurried up and got in before it takes off. HOWEVER, there is always the chance that this thing goes south and double bottoms, then that we be a good re-entry. But I set my stop loss right below that. There is a good chance to gain A LOT and also LOSE a decent amount. Be conscious on this trade.
Good luck!
Target is just the top of the wedge of the start of the wedge, however there is a chance that this goes higher, so you may want to ride it out. If the market wasn't so overbought, I would turn this into a long-term position.
5 minute charts show this to be oversold. And we are seeing support at the bottom line of the wedge. I made sure I hurried up and got in before it takes off. HOWEVER, there is always the chance that this thing goes south and double bottoms, then that we be a good re-entry. But I set my stop loss right below that. There is a good chance to gain A LOT and also LOSE a decent amount. Be conscious on this trade.
Good luck!
Trade active
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This is why i say you should hold on to your Vertcoin if it reaches the target.
Here it seems like we may be on the verge of finished up our wave 4 correction from the extended wave 3. If we CLOSE over this first line of resistance on the flag in the 3 hour chart, then I will likely add to my long position. The next test would be a close over the next line of resistance. And after that I think we could get back on track to a target of nearly $16. Yes, $16.
I will update as Vertcoin progresses. I would also watch out for the possibility of this hitting the bottom support line again, I'm not fully convinced on the volume here.
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Closer look at what's going on right now.
Strong indications from candles and other indicators of an uptrend. I think resistance 2 will be broken through. But expect a short-term down trend before that happens. Next Best entry will be after the MACD finishes a downward divergence while heading back up on the 30 min. chart.
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Right now would be awesome for re-entry!Note
Keep laddering buys here, altcoins will bounce back. Bitcoin may hit one more wave up with a truncated 5th to top off around $17400 (Bittrex) before it has a bigger, slower correctionNote
After that drop, Vertcoin has created a downward channel. I have very mixed feelings in the short term. I think there is a high possibility of a retest of the support line due to bearish pennant forming. But all other signs show bullishness.
Long(er)-term this is still a great trade and I'm not bearish at all. Short-term is just a different story for me. We'll see how it plays out.
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You guys know I have to update every 10 minutes...
We have a VERY strong support, and have been showing strong resistance to go below it, shown in our candle sticks.
Currently the 3 hour MACD is showing in our favor but needs to make a decision soon because of its symmetrical triangle. Currently its ticking upwards so it is in our favor. Indicators also form patterns as well. RSI is showing 3 points of bullish divergence.
We have two forms of resistance, showing at the top of the channel and the 55 3hr EMA. Right now we are getting rejected.
Right now I am covering this in Satoshi because I am bullish on Bitcoin. When I am bullish on Bitcoin, then why would I not want more Bitcoin??? So when you trade in Satoshi, you are just betting that your coin outpaces the growth of Bitcoin's. If you can manage to trade on the highs and lows of Bitcoin for the respective lows and highs of altcoins you will be VERY profitable. They are somewhat inversely correlated, as we have been seeing. But only when Bitcoin has a healthy correction and not a fast and harsh one, then everyone takes a loss. That's when I go to my dear friend Tether, whose life is limited haha.
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Broke Resistance 1. Failed to break Resistance 2. Looking good for all altcoins now, though. Looks like Bottoms of C wave are in, but I could be wrong. If It breaks resistance 2 I will update on wave count to give specific short term dollar-targets!Note
Broke Resistance 2. Will update on wave count after I get to the BahamasTrade closed manually
I don't see this thing finishing it's correction until Bitcoin is done correcting. Will probably update a new post for Vertcoin when that day comes.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.