Vertcoin has been wedging for a while now. Since it experienced a sharp drop in December 2017, the price has started to create lower lows and lower highs, hence creating a wedge. After touching the trend line resistance, the price has pushed down sharply as bears take full control. Furthermore, it pushed through 127.2% extension after a brief bounce and it looks like it's heading toward 161.8% support. This key Fibonacci support coincides with the wedge support at 0.000125.
Since we are also below both 100 and 200 MA on all higher timeframes (h4, D, W), we advise not to enter a long position and look for a bounce before we reach the big support level around 0.000125. In case that scenario is materialized, then a long setup should be initiated with following levels to watch for:
Entry: 0.000125
SL: 0.000080
Target: 0.000215 (horizontal resistance, previous support + wedge resistance).
Since we are also below both 100 and 200 MA on all higher timeframes (h4, D, W), we advise not to enter a long position and look for a bounce before we reach the big support level around 0.000125. In case that scenario is materialized, then a long setup should be initiated with following levels to watch for:
Entry: 0.000125
SL: 0.000080
Target: 0.000215 (horizontal resistance, previous support + wedge resistance).