VRC Analysis - Short Term Bullish Trend

BITTREX:VRCBTC   VeriCoin / Bitcoin
After a bullish 'Cup and Handle' pattern was completed on the 3rd March, VRC appeared to find resistance around a long-term resistance trendline before bouncing off an shorter-term upward support trend line . VRC broke the long-term resistance later on the 3rd March and jumped 20-25% before further increasing after a temporary lull to hit the upper long-term resistance at around 13000 sats . With a gradual descending trend, VRC formed a 'Bullish Pennant' pattern. Meanwhile, RSI gradually decreased to the low to mid- 40s while the MACD suggested bearish divergence. The Bollinger Bands indicated reduced volatility on the 5th March as VRC approached the resistance of the Bullish Pennant . WIth the RSI now in the low 40s and MACD suggesting a bullish divergence crossover, it rallied with a 30% jump before reaching once again the long-term resistance.
VRC appears to be in another downward trend forming yet another 'Bullish Pennant' pattern bouncing off a long-term resistance line that transitioned into a new support line. With the long-term resistance line come support converging with the short-term support line of the bullish pennant , the Bollinger Bands are once again converging suggesting reduced volatility . RSI hovering around 40 into the high 30s as the MACD continues a smaller magnitude bearish trend but converging to what may be another bullish divergence crossover.
The repeating bullish pennant pattern, coupled with the strong support and favourable Bollinger Band , RSI and MACD indicators suggest that VRC should make another run, potentially up to around 12200-12500 sats (~30%) if it reaches the long-term resistance once again.
评论: Bought at 9770 sats. First target at 'Bullish Pennant' resistance and 0.618 fib at 11060 sats (~12%). Second target 12100 sats corresponding to 1.0 fib and just below long-term resistance line (~24%).
评论: Currently bouncing around the long-term resistance come support but wiggle room near the bullish pennant support. BTC has falling 5-8% while money is exciting crypto with the overall market cap dropping around 5% over the last couple of days making it difficult for VRC to gain traction.
Still a bullish pattern approaching the pointy end of the 'Bullish Pennant' with two levels of support and resistance coming from the bullish pennant. If VRC falls bellow the longer-term resistance come support line, this trade may fail.
评论: Well VRC bounced off the strong support and broke the bullish pennant resistance to reach 10496 sats before hitting resistance off the off the broader-scale bullish pennant. Neither of my sell orders at ~12% and ~24% were triggered due to underestimating the broader bullish pennant resistance.
Good news is that the broader bullish pennant pattern is converging and the jump today has not had a huge affect on the RSI, MACD and Bollinger bands; the RSI still hovering in the high 40s, MACD still in bearish divergence with a bullish crossover still looking possible, and the Bollinger bands still showing only a small degree of volatility. Resetting sell orders to 10300 sats (+5%) and 11350 sats (+15%).
评论: VRC bounced to reach both sell targets at 10300 sats (~5%) and 11350 sats (~15%). Total trading gain from 4 trades: 14.4%.

With money still flowing out of crypto markets with the overall market cap now <$400b, VRC is approaching the pointy end of a bearish symmetrical triangle that may see it fall to the 'resistance come support' line at around 8600-8700 sats. Overall looks to be a bearish trend.
a cup and handle followed by a pennant
+1 回复
the bull pennant is in tact, just a bigger time frame, or am I mistaken?
+1 回复
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