VTC/BTC Projection [Nov. 4-6th]
Updated
Vertcoin is currently in consolidation from the recent ATH. Price has been trending downward, but is nearing the upper bound of the recent trading channel. VTC appears to be possibly converging on a price of approximately 48-49k satoshis, and will see a either a break up, or continued trading in this downward channel.
RSI has been bumping against the recently established bearish trend. If RSI can break above this level, and see support against the current trendline, upward momentum is likely. Continuation of the downward trend in RSI would indicate continued trading in the current downward channel.
Recommendation is:
Buy @ 54k Satoshis
Sell @ 44k Satoshis
RSI has been bumping against the recently established bearish trend. If RSI can break above this level, and see support against the current trendline, upward momentum is likely. Continuation of the downward trend in RSI would indicate continued trading in the current downward channel.
Recommendation is:
Buy @ 54k Satoshis
Sell @ 44k Satoshis
Trade active
VTC approaching funnel point nicely. Seeing support along the bottom of the recent upward channel. Looking for the break by the end of today / beginning of tomorrow.Trade active
Funnel point has been reached. Now awaiting movement to determine direction of breakout. Previous trading recommendation holds true.Recommendation is:
Buy @ 54k Satoshis
Sell @ 44k Satoshis
For riskier trade, focusing on long position, recommendation is buy @ 51k Satoshis.
Note
VTC/BTC Attempting to break upward, out of the recent bearish channel. Slowly working its way up to the bullish channel. Seeing resistance between 50-52k Satoshis, support near 48-49k Satoshis. If VTC/BTC breaks 54k Satoshis, strong buying opportunity will be present.
Trade closed: target reached
Buy conducted at 52k Satoshis.Note
Interestingly enough, this coincides perfectly with the current dip in BTC. Possibly a correlation?Trade active
An update on the breakout for VTC:VTC/BTC is in the process of testing and confirming this breakout from the recent downward trading channel. The new bullish channel is being tested, and VTC is trading near the bottom of this channel for now. A test of the channel's floor had been conducted once yesterday, and another test of this channel's bottom is about to be conducted.
I exited my 52k Satoshi buy at 54k, once I realized it was going for another test of the bottom of the channel. I have re-entered at 50.7k satoshi, in anticipation of a bullish confirmation of this new trading channel. Expecting a test of the challen near 50k satoshis.
Note
Price appears to have stalled out near 50k Satoshis. It appears that the break for the upward channel is still being tested. Note that the current price has dipped blow the bottom of the upward trading channel. This may possibly signal rejection of the upward break.
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