Viberate coin short term view

Viktor Karapetjanc Crypto Post

Viberate has formed a double bottom at $0.068, with the last bounce occurred just yesterday. Price then went up by 11% and has reached the $0.075 high, where it has rejected the 23.6% Fibonacci retracement level, along with the 200 Moving Average.

It seems that $0.075 is a strong level of resistance, and in order for VIB/USD to move high, price has to break and close above it. When/if that happens, VIB is likely to move up, towards the key resistance at $0.087, that is confirmed 61.8% Fibonacci retracement level.

If the $0.087 resistance is broken, this could be the confirmation of the beginning of the uptrend, after which volume and volatility might increase substantially.

But, if resistance will hold, further price decline becomes more likely and could send Viberate down, potentially towards the $0.068 support, or even lower.

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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