VTC/BTC The big or bust apex (Chart 04 of Training log)
Vertcoin/BTC 1 week chart.
Vertcoin is approaching a very crucial APEX, with intersections of the current diagonal resistance line, Horizontal support line, Diagonal support line that is still in my eyes valid but has not been tested in a while and a old diagonal support line that would be the final level of support for Vertcoin.
Declining Volume means that this current price level is not stimulating buy pressure and at the moment selling pressure seems to be more dominant. I have drawn this conclusion from the declining price levels coincided with the rapid continued divergence of the 7,14 EMA.
I have used the 7,14 EMA as a gauge of short term price action due to the nature of the EMA weighting value to the more recent price action and as both the EMA lines are in a decline and diverging, this suggests to me that the price will test this horizontal support line and may breach it.
The MACD also on a shorter time frame than usual shows that the standart moving average values for the 7,14 MA have been converging and i had previously drawn them on my chart and they were still converging and about to potentially cross which can be perceived as a bullish signal.
Even if the 7,14 MA were to cross i would still consider the other factors of the chart to be of far mroe significance to determine the price moves of VTC.
Given that BTC has been declining is USD valuation as of late, and my recent analysis of the BTC chart gives me a solid basis to suggest that BTC will consolidate and then proceed to move up vs USD, I would wager that VTC will be having a period of consolidation around its current satoshi value.
However in summary i believe once BTC begins to move upward there will be not enough buying pressure to give VTC the sustained breakout above the resistance line its currently following, and thus we will possibly see VTC coming back to retest old support levels around the 0.0001 and below area.
Vertcoin is approaching a very crucial APEX, with intersections of the current diagonal resistance line, Horizontal support line, Diagonal support line that is still in my eyes valid but has not been tested in a while and a old diagonal support line that would be the final level of support for Vertcoin.
Declining Volume means that this current price level is not stimulating buy pressure and at the moment selling pressure seems to be more dominant. I have drawn this conclusion from the declining price levels coincided with the rapid continued divergence of the 7,14 EMA.
I have used the 7,14 EMA as a gauge of short term price action due to the nature of the EMA weighting value to the more recent price action and as both the EMA lines are in a decline and diverging, this suggests to me that the price will test this horizontal support line and may breach it.
The MACD also on a shorter time frame than usual shows that the standart moving average values for the 7,14 MA have been converging and i had previously drawn them on my chart and they were still converging and about to potentially cross which can be perceived as a bullish signal.
Even if the 7,14 MA were to cross i would still consider the other factors of the chart to be of far mroe significance to determine the price moves of VTC.
Given that BTC has been declining is USD valuation as of late, and my recent analysis of the BTC chart gives me a solid basis to suggest that BTC will consolidate and then proceed to move up vs USD, I would wager that VTC will be having a period of consolidation around its current satoshi value.
However in summary i believe once BTC begins to move upward there will be not enough buying pressure to give VTC the sustained breakout above the resistance line its currently following, and thus we will possibly see VTC coming back to retest old support levels around the 0.0001 and below area.