Vertcoin / USD Daily Chart and Price Prediction till March 2018
A detailed probable path for Vertcoin Daily Price Progression. The main tools I've used in this TA are Fib Retracement, Fib Fans and simple channel paths.
Regarding Elliot Waves, the price is leaving the 2. Recently price broke out of consolidation at $4 reaching $7 going over the top of the 2nd channel (blue). At the time of publishing, the price has had a normal pullback to the 5$ range where it has been ranging in the "Major Support Zone". This support zone is very important because it is where a lot of support levels are converging meaning that price has a strong support to keep the price above $4.75.
After publishing this idea I expect to see the price ranging above the Major Support Zone until the Halvening Event, and around that event, the price will start to move up heading to 3. This $10 target is basically the double (2x) of current price range (bottom) and it's also the expected price level to reach taking into account the lowest support (between 1 and 2).
After hitting the new all-time high at $10 price will naturally pullback to the next support level (that was the previous all-time high at $6 / the top of the 2nd channel and the middle of the next channel that has been drawn when the price reached the $10 range. This will form the bottom and the 4 (that, in theory, has to be above 1 to maintain the bullish formation regarding Elliot Waves Pattern). And after the price has been ranging above that support level, it will naturally start to move up for the final push to 5 taking the price to new All-time highs at around $15.
Looking at the indicators in the daily chart, I like how RSI is moving and it shows that there's support behind the recent price push and after ranging the next few days it will move up to oversold and forcing the price to move up. To back this up is the continuous momentum support levels telling that the market is still bullish. Taking an eye on the Squeeze, we're starting to see green bars and there's a lot of room to grow because the price has just left the previous consolidation period. Looking at the MACD, at the moment it's positive and also with a lot of room to grow. Finally, looking at OBV, it's obvious the inflow of money in the market and there has not been any big sellouts or money flowing out of the market so to say.
Bare with me that pinpointing the exact dates is almost impossible, this is an approximation of what I see possible and does not mean that the price will follow exactly the white lines. It can happen quickly or it can take longer, but the levels, channels and all that I talked above will still be more or less "exact" regarding price pushes and pullbacks.
This was a long description but I think that I needed to explain a little bit more my thought processes, what I seeing and what is the meaning of all of this lines and colors.
Regarding Elliot Waves, the price is leaving the 2. Recently price broke out of consolidation at $4 reaching $7 going over the top of the 2nd channel (blue). At the time of publishing, the price has had a normal pullback to the 5$ range where it has been ranging in the "Major Support Zone". This support zone is very important because it is where a lot of support levels are converging meaning that price has a strong support to keep the price above $4.75.
After publishing this idea I expect to see the price ranging above the Major Support Zone until the Halvening Event, and around that event, the price will start to move up heading to 3. This $10 target is basically the double (2x) of current price range (bottom) and it's also the expected price level to reach taking into account the lowest support (between 1 and 2).
After hitting the new all-time high at $10 price will naturally pullback to the next support level (that was the previous all-time high at $6 / the top of the 2nd channel and the middle of the next channel that has been drawn when the price reached the $10 range. This will form the bottom and the 4 (that, in theory, has to be above 1 to maintain the bullish formation regarding Elliot Waves Pattern). And after the price has been ranging above that support level, it will naturally start to move up for the final push to 5 taking the price to new All-time highs at around $15.
Looking at the indicators in the daily chart, I like how RSI is moving and it shows that there's support behind the recent price push and after ranging the next few days it will move up to oversold and forcing the price to move up. To back this up is the continuous momentum support levels telling that the market is still bullish. Taking an eye on the Squeeze, we're starting to see green bars and there's a lot of room to grow because the price has just left the previous consolidation period. Looking at the MACD, at the moment it's positive and also with a lot of room to grow. Finally, looking at OBV, it's obvious the inflow of money in the market and there has not been any big sellouts or money flowing out of the market so to say.
Bare with me that pinpointing the exact dates is almost impossible, this is an approximation of what I see possible and does not mean that the price will follow exactly the white lines. It can happen quickly or it can take longer, but the levels, channels and all that I talked above will still be more or less "exact" regarding price pushes and pullbacks.
This was a long description but I think that I needed to explain a little bit more my thought processes, what I seeing and what is the meaning of all of this lines and colors.
So looks like #Vertcoin didn't hold the expected price and I think today it possibly hit a new bottom and may start building a bottom at this levels. On the other hand if this fails to find the support I mention at this levels we may see a drop down to the minimum before seeing a quick pullback to the mention levels, after that I hope to see a bullish formation.
Chart Update: