It appears that we are in a lower volume consolidation better seen on the 1D as shown. A flat-top wedge (red Line Top) within a Pennant. The 1D B-Bands are squeezing hard. Theres no question something soon is going to happen, however the low volume trend in the past few days leads me to think that a downwards push into the mid 5000 Sat range is not only possible, but more than likely to happen to test support in the 382 fib Channel that Vericoin's been wicking into for the past 10 consecutive days.
The opposing scenerio: The slightly heavier volume candle from the 24th cleared the way towards the top of the 618 fib, typically I would consider this however until todays 1D Candle is finished printing it is hard to tell on this time frame. Poloniex does tend to like to test extreme highs & lows, however I dont have access to bitrex VRC data as Trading view does not support it.
I would look for breakout confirmation before entering this unless your currently in a position. Wedges & pennant information can be found here if your not familiar:
http://www.investopedia.com/university/charts/charts6.asp
As always, trade your OWN account, Im no professional nor a market maker. This is just me sharing my ideas with the public.
The opposing scenerio: The slightly heavier volume candle from the 24th cleared the way towards the top of the 618 fib, typically I would consider this however until todays 1D Candle is finished printing it is hard to tell on this time frame. Poloniex does tend to like to test extreme highs & lows, however I dont have access to bitrex VRC data as Trading view does not support it.
I would look for breakout confirmation before entering this unless your currently in a position. Wedges & pennant information can be found here if your not familiar:
http://www.investopedia.com/university/charts/charts6.asp
As always, trade your OWN account, Im no professional nor a market maker. This is just me sharing my ideas with the public.
