VIBEHub vs Bitcoin has to confirm the uptrend

Viktor Karapetjanc Crypto Post

After reaching 3700 satoshis high, VibeHub established the downtrend, breaking below the ascending channel followed by the uptrend trendline breakout. Fibonacci applied to the corrective wave up after each breakout shows that VIBE/BTC reached the support level at 1500 satohis after which price went sharply up.

VibeHub broke above the short-term downtrend trendline, but it rejected the longer-term trendline. In order for the price to start a correctional wave up or perhaps to establish an uptrend, it has to break and close above the recent high, that is 1756 satoshis.

But if Vibe stays below that resistance and breaks lower than the recently established low, then the downtrend continuation could take place. To summarize, it is important to watch the break above 1756 or break below 1480 satoshis, that should shed some light about further price direction.

Author

Viktor Karapetjanc

Crypto Post

Viktor is a Chief Editor, veteran currency trader. He started his trading career in 2001 when he began to study Forex and Binary options trading techniques. Not long after he became a trading systems engineer and algorithmic trading guru.

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