OpenBlock

BLOCKv VS Bitcoin Upside Correction

Long
BITTREX:VEEBTC   BLOCKv / Bitcoin
BLOCKv has found the bottom at 256 satoshis, where RSI oscillator formed a bullish divergence . Price went up and broke above the downtrend trendline and the 50 Moving Average. On the small pullback, VEE/ BTC rejected the Moving Average and produced a new higher high.

The higher highs and higher lows pattern currently presenting itself, suggesting the continuation of a short term uptrend and/or a correctional move upwards from the long term downtrend.

VEE could continue moving higher towards the key resistance at 483 satoshis. This is the very strong level and previously it has acted as the support as well as resistance on multiple occasions, not to mention that it does correspond to the 2/1 Gann Fan trendline.

Currently price is at 50% Fibs, that is 328 satoshis, and this could be the starting point of the uptrend continuation. Nevertheless, price still could decline and hit lower Fibonacci support level , prior to moving higher. But only break and close below the 256 satoshis could invalidate bullish outlook and result in a downtrend continuation.

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