At the time of writing, the VTC-BTC pair on the Bittrex exchange is up 13.16 procent on March 22.

Vertcoin has posted gains, insulated from a broader cryptocurrency market downturn, with bitcoin and other major altcoins down more than three procent on March 22. There are a few technical indications that the next 4-hour/daily sessions are ones to witness for a major trend reversal ter vertcoin (VTC).

Vertcoin has tested the 0.000300 barrier against bitcoin (BTC), the highest ter 11 days. At the time of writing, the VTC-BTC pair on the Bittrex exchange is up 13.16 procent on March 22.

Price Analysis

4-hour Price Activity

The 4-hour chart below shows how the price act has cracked out of the Ichimoku cloud to the upside, and on higher volume.

The very first bullish indication wasgoed given on March 22, 00:00 UTC, spil the 4-hour price act closed above the Ichimoku cloud, following a long downtrend from February 27.

Notice, te the budge from around 0.000400 to a low of 0.00022117 overheen February 27 to March Legitimate, the Ichimoku cloud wasgoed crimson and drifting downward. Now, the Ichimoku cloud has turned green te color and commencing to fan upward, this gives a good indication that wij have a trend reversal and wij should look to buy vertcoin on dips.

VTC-BTC, Bittrex, 4-hour

Vertcoin Looking to Pauze Long-term Fibonacci Resistance

Several support zones of rente are highlighted below, namely the Ichimoku’s conversion and colchoneta line, and the long-term Fibonacci support near 0.0002400:

VTC-BTC, Bittrex, 4-hour

The weekly chart below shows how the market has bounced off the Ichimoku cloud, providing confirmation of support and a greater likelihood of a reversal of the downtrend. Wij also see that the market has found support near the 50 procent Fibonacci level at 0.00024416 and is now looking to pauze the 61.8 procent Fibonacci level at 0.00029504:

VTC-BTC, Bittrex, Weekly

Related movie:


Notice also that if the market remains above 0.00024648 (open of the large green candle from October ), then the long-term outlook will be bullish. A pauze below the open of a large bullish candlestick like this would switch the overall structure of the chart, and point to more gains.

Related movie:

https://youtu.be/NG3vsGP4nRw

However, since the market has respected the support level mentioned above, wij expect vertcoin to trend higher ter the coming weeks/months.

Daily Price Act

The daily chart below shows that with a daily close above 0.00029504, VTC-BTC has a strong chance of reaching the 100 procent Fibonacci level at 0.00045977. Wij see that the market closed above the conversion line (blue) on March 20, providing the very first bullish signal, now wij anticipate the market to test the resistance provided by the cloud, just below 0.00040000.

VTC-BTC, Bittrex, Daily

The Awesome Oscillator is also pointing to a beginning of bullish momentum taking hold, the indicator recently switched color from crimson to green and is moving higher.

Renko Chart Shows Reversal is Close

The daily Renko chart shows that a daily close above 0.00029980 on March 22 will give a strong buy signal, after five consecutive crimson Renkos, wij will see a green one, and therefore, the beginning of an uptrend if the daily close is higher than 0.00029980. The Renkos provide a buy signal when they switch color, albeit wij have seen a few fake signals te .

VTC-BTC, Bittrex, Daily

The fundamentals for the altcoin are also promising, with more volume generally translating te higher valuation. The Vertpig exchange gives users te the UK lighter access to VTC, without having to buy bitcoin very first. While the volume is not massive, the exchange process is swift and is sure to bring many newcomers to cryptocurrency from the UK into VTC before other altcoins. Vertbase is also programma to launch soon ter the US, providing another ongezouten on-ramp to VTC, and is presently te beta.

VTC is ranked third ter terms of price gains ter the past 24 hours, surpassed only by GameCredits (Spel) and EOS (EOS) according to OnChainFX.com.

Disclosure: The author wields Vertcoin, spil well spil other cryptoassets.

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