A lot going on here. Price is riding above the previous bear channel which we broke out of. Not very strong, but not sinking back in it. Seeing lots of confluence to cause me to believe it will see some nice movement here soon.
First, RSI. Recently entered oversold on daily. Good news from Monday could send this soaring. Also, it's easier to buy now that it's listed on ABRA! That should help. Go vertcoin. Boo ya.
Second, I may have spotted bullish divergence on MACD (light green line). Also, we may see a bullish cross on MACD soon, as momentum seems to be picking up.
Third, we are at a previous low from 2/6. That should act as strong support (darker green line). A bounce off of that could be strong, as it intersects there with the previous upper bearish channel too which was support, albeit weaker support.
Given that the chart represents daily candles, we might not see any significant moves until monday, possibly FUD before G20 accompanied by further selling, so we shall see how things play out.
Should things get ugly, there is a large black rising trendline far below where we currently are, with several support levels that I have kinda pinpointed in green horizontal lines.
I post this for educational purposes only. I'm not planning on currently trading this analysis, given I'm hodling my VTC for longer term. May change my mind if things get spicy ;)
Peace out.
First, RSI. Recently entered oversold on daily. Good news from Monday could send this soaring. Also, it's easier to buy now that it's listed on ABRA! That should help. Go vertcoin. Boo ya.
Second, I may have spotted bullish divergence on MACD (light green line). Also, we may see a bullish cross on MACD soon, as momentum seems to be picking up.
Third, we are at a previous low from 2/6. That should act as strong support (darker green line). A bounce off of that could be strong, as it intersects there with the previous upper bearish channel too which was support, albeit weaker support.
Given that the chart represents daily candles, we might not see any significant moves until monday, possibly FUD before G20 accompanied by further selling, so we shall see how things play out.
Should things get ugly, there is a large black rising trendline far below where we currently are, with several support levels that I have kinda pinpointed in green horizontal lines.
I post this for educational purposes only. I'm not planning on currently trading this analysis, given I'm hodling my VTC for longer term. May change my mind if things get spicy ;)
Peace out.
Comment:
ALso forgot to add, but I may have spotted an inverse head and shoulders pattern that's... slightly askew, thus adding confluence to other things I have personally observed. Not a perfectly shaped H&S, but will possibly do.
Comment:
Also, last time the daily RSI hit oversold, it bounced from below 2$ to $5.50. Think about that...