Hello traders!
Been looking for an old low cap altcoin and the search brought me to Vericoin ($VRC)
Vericoin is a old crypto dating back to 2014 and has been trading on Bittrex almost since it's birth.
At the moment Vericoin has a marketcap (according to coinmarketcap) of ~105 BTC.
Once again looking for a short to mid term target in a bullish scenario.
Lets dive into the chart, for starters the weekly on a log scale:
https://www.tradingview.com/x/xoxMcK4h/
We can see that over the years VRC mostly traded in the range from 3k to 20k satoshi with ocasional (huge) spikes upwards and likewise on the downside (thou those one's were considerably milder).
Next up, marking some levels:
https://www.tradingview.com/x/zD3wq9J9/
From the bottom to the top:
- I Marked the spike down to 222 satoshi which happened in Sep. 2018. with a red line, this one being my lower limit tolerance for this setup.
You can see how althou the price dipped slightly bellow it and made a new low, is using it as a support during the past few months. - the ~1500 satoshi level, this one first marked at the end of Jan. 2017. played an important support role through the 2nd half of 2018 and later in 2019 became the resistance which pushed the price into the lows it's resting at today.
- & 4. This is more of an whole area then just a thin level, the upper ~2800 satoshi border being marked at the very start in 2014. and played a support role multiple times while the ~2500 saothi, lower border, first got "introduced" in late 2016-early 2017.
You can see how this whole area acted first as a very strong support from 2014. all the way to 2018. when it broke to the downside and became a heavy resistance zone.
Now adding a final touch to my chart, the fibs, for that i will zoom into the daily chart:
https://www.tradingview.com/x/5BMrS68b/
Ok so first of all I marked another level, tnx to the fib, the 366 satoshi line, which is the 0.236 (bottom, red one) fib line, the reason being that it seems to be acting as a strong resistance now.
This line can be used as a confirmation for this trade setup in my eyes, incase we get a green open and close full body (not whick) candle above it.
Up next we have the 1520 satoshi level which corelates to the 1.618 fib line at 1600 satoshi making this level my first target for this trade.
And finaly we have the final target, the area between ~2.5k and ~2.8k satoshi.
The bottom of the area at ~2.5k satoshi perfectly corelates with the 2.618 fib line, which is another reason for me to make this area my final target for the setup.
The ~2.8k line does not realy corelate with any fib but given it's historical impact on the price I could see the price stopping in the mentioned area between those 2 lines.
For the end I'm gonna leave a few links for $VRC incase any of you wanna research it: (let me know if u'd like me to put up links to the projects I analyze in the future)
https://coinmarketcap.com/currencies/vericoin/
https://vericoin.info/
https://bitcointalk.org/index.php?topic=2385158
What do you think about $VRC and this setup?
I love the old coins, maybe I should do a whole post on why?! LMK
Please keep in mind, this post is NOT financial advice or any kind of recomandation, nor am I lisenced to give one!
It is my personal opinion and view on the chart!
Keep the charts fresh!
Kind regards, OZ