VertCoin found the bottom at $0.78 where it formed a double bottom back on the 29th of June. Then price consolidated and yesterday went up under the heavy volume. The uprisal was quite strong, while the price went up from $1 support, up to $1.88 resistance, gaining almost 100% against the USD.
But at $1.88 VTC found the resistance at 50% Fibonacci retracement level as well as 3/1 Gann Fan trendline, both of which were rejected. Currently VTC/USD has corrected down and it might find the support at 200 Moving Average.
In any case, range trading is likely to prevail, at least up until price either breaks below the $0.78 support or above the $1.88 resistance. Break below the support should invalidate bullish scenario and result in further decline. On the other hand, if the resistance is broken, VertCoin might continue going upwards, towards the $3 resistance and beyond.
But at $1.88 VTC found the resistance at 50% Fibonacci retracement level as well as 3/1 Gann Fan trendline, both of which were rejected. Currently VTC/USD has corrected down and it might find the support at 200 Moving Average.
In any case, range trading is likely to prevail, at least up until price either breaks below the $0.78 support or above the $1.88 resistance. Break below the support should invalidate bullish scenario and result in further decline. On the other hand, if the resistance is broken, VertCoin might continue going upwards, towards the $3 resistance and beyond.
Trade closed: target reached