Good news, Verters! VTC looks very bullish at the moment and soon it can explode. In this case the target would be previous all times high which is around 93k satoshis. Let’s take a look on the 1 hour VTC/BTC chart.
Ok, you’ll say something like “Everyone with Photoshop can draw such silly figures on the chart and pretend he know what’s going on”. But, let’s be serious. After the surge from 47k satoshis to 73k price is ranging for some time and bullish pennant is formed on the Vertcoin chart.
Pennant is continuation pattern which is formed after a strong movement. Simply – that’s the triangle you can see on the chart above. Now we have to wait to see on what side of the pennant price will break first. Vertcoin is bullish at the moment, so we expect it to break through the upper side of the pennant and to continue up.
A few guys already asked “why a pennant indicates an uptrend?” If pennant will be bullish or bearish depends on the previous movement. So if a pennant is formed after a price surge it is bullish and vice versa. Simply, after a strong price move in one direction, traders take a rest for some time, this is when a pennant is formed. After that,price usually continue in the original direction. In this case, original direction is uptrend.
How do I know that our target should be 93K? Simply, last strong price movement was around 26k satoshis up, and according to the theory price should go the same distance after the pennant breakout. Just take a look on these blue squares on the chart and you’ll get an idea what about I’m talking.
Below is an example of bullish pennant breakout. As you can se we have something very similar on the VTC shart.
One more thing! As you know last month Vertcoin didn’t managed to win the competition on Binance and to be listed on that exchange. Please go to their website Binance.com and create an account so you can vote for Vertcoin next time! By the way, Binance is a new exchange with the lowest fees (0.1% and even 0.05% if you use their token BNB to pay for fees), they have the best support team which is always on their Telegram channel and some great coins are listed on it.