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Vertcoin is bouncing

Vertcoin / Bitcoin

Vertcoin has pushed above the minor trend line that has kept the coin under for around 10 days. The move facilitated the collection of stops which pushed the price higher to the first Fibonacci retracement of 23.6%. If the retracement is really serious, then a bigger move to the upside should follow, to at least 38.2% retracement or higher. The bulls will get more support as the price could not break the horizontal support around 0.0001200. On an hourly chart, the price is stuck in between the 100 and 200 MA. If the price moves above the 200 MA as well, then a move to 38.2% retracement is on the cards. If you are looking to buy, put yours stops below the 100 MA as that is the nearest risk for the bulls. Any move and close below that indicator will put more pressure on the bulls.

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