Viacoin medium term perspective

Viacoin seem to have found the support at 78.6% Fibonacci retracement level that is $1.5. Although price went slightly lower, and did hit the $1.42, the following wave up resulted in a break above the downtrend trendline. Then price rejected the $1.5 support for two consecutive times, that could suggest that price could start rising.

There are several resistance levels, each of which could be considered as a potential upside target. First is 50% Fibs that is $2, second is 23.6% Fibs that is $2.5. And finally $2.7 level, that corresponds to the previously formed resistance level.

Frankly, the downtrend still is valid and price hasn’t started to produce higher highs and higher lows. But only break and close below the $1.5 support would invalidate bullish outlook and the downtrend might continue.