VERTCOIN - Hitting Key Uptrend Support, Might See Fireworks

Looking at VTC's 4-hour chart, the price is finding support on a key uptrend line that has sent the price soaring 3 times before. Let's see if it can make it a 4th time. When I look at the 3rd jump, I see the price caught support along the 100MA and then broke through it landing on the uptrend. It had a nice 25% pop back over the 100 before it really took off. If this repeats, we may see a similar small pop followed by a bigger pump.

Luckily the 200MA is right behind the uptrend line so there will be immediate support if it breaks. However, a break of the 200MA would probably signal further downside and would be a good spot to exit until the price finds solid support.

Comment:

Well that BTC pump caused VTC to dump through the uptrend and 200MA support levels. Looking at the daily chart, the 50MA has acted as support in previous bull runs and the price is hovering at that level now. We will see if it holds. The price is currently sitting on the .618 Fib retracement level which could act as additional support. I also noticed that the current daily MACD formation has repeated this "M" shaped pattern in the past. If this pattern repeats, we may be in line for a big pump. I think VTC buyers might be waiting for Bitcoin to cool off which is should do soon. Until then, I would wait for confirmation of a reversal before committing.