VITEBTC consolidating prior to major upward move?
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After the huge spike in April 2021, which sent VITEBTC out of the falling wedge, it bounced off of the previous dynamic resistance (which acts now as support) and seems to be in a consolidation phase prior to the next big move.
On the weekly, the MACD cooled off and seems ready for another upward movement.
The RSI (12 and 24) is below 50, which is not good at the moment, the RSI (6) points upward, so there has been more buying in the last couple days. If this continues, we should see RSI (12 and 24) also moving upwards.
KDJ seems to make a U-turn on the weekly.
On the weekly, it looks like the 50 EMA may move further upward. On the daily, EMA 50, 100, and 200 are very close together, with 50 < 100 < 200, so waiting either on buyers to step in or selling pressure to rise.
I am watching how this one evolves over the next couple days. If a daily candle closes below 169 sats that would be a clear sign of a downward move in my opinion.
However, I think a daily close above 216 sats could trigger an upward movement.
In case of breakout to the upside I see following target points:
TP1: 325
TP2: 490
TP3: 600
TP4: 766
TP5: 850
What is your opinion on VITEBTC? Any fundamentals in the near future that could send this one to the upside once consolidation is done?
On the weekly, the MACD cooled off and seems ready for another upward movement.
The RSI (12 and 24) is below 50, which is not good at the moment, the RSI (6) points upward, so there has been more buying in the last couple days. If this continues, we should see RSI (12 and 24) also moving upwards.
KDJ seems to make a U-turn on the weekly.
On the weekly, it looks like the 50 EMA may move further upward. On the daily, EMA 50, 100, and 200 are very close together, with 50 < 100 < 200, so waiting either on buyers to step in or selling pressure to rise.
I am watching how this one evolves over the next couple days. If a daily candle closes below 169 sats that would be a clear sign of a downward move in my opinion.
However, I think a daily close above 216 sats could trigger an upward movement.
In case of breakout to the upside I see following target points:
TP1: 325
TP2: 490
TP3: 600
TP4: 766
TP5: 850
What is your opinion on VITEBTC? Any fundamentals in the near future that could send this one to the upside once consolidation is done?
Note
Direction is now clear since 169 has been broken: down it goes.Transaction en cours
Looks like a clean bounce of the 0.382 fib retracement. I suspect that we stay above the dynamic resistance and keep moving upward in the next days. EMA50 crossing EMA 150 could shot this one straight up.From the fundamental side, I think this coin is way cheaper than it should be. They have some nice features (dex, app for trading, etc.) and you need to stake Vite for transaction quote instead of consuming gas. This is in my opinion a quite nice feature, since gas prices can be quite high.
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