Virtual Protocol - low is in yet?
Virtual is currently going through a major correction. After it broke below the previous week mid/the previous month high, it accelerated the downward move in the narrow descending parallel channel. Today, the price hit the previous week low at $3.35 which is the previous major support/resistance level. Is the low in? I think it all comes to Bitcoin's next move.
My general bias for Virtual is bullish. So I am patiently looking for an entry to buy. Price is the king but I find momentum indicators , MACD in particular, extremely useful to identify a good entry area.
I am going to consider a re-entry when:
1) the price breaks and closes above the top descending parallel channel in the price chart;
2) MACD and RSI lines move above the descending trendline and enter the bull territory;
3) Stochastic in 4H chart is not overbought territory; and
4) For the final confirmation, stochastic in Daily chart has crossed pointing upwards.
My general bias for Virtual is bullish. So I am patiently looking for an entry to buy. Price is the king but I find momentum indicators , MACD in particular, extremely useful to identify a good entry area.
I am going to consider a re-entry when:
1) the price breaks and closes above the top descending parallel channel in the price chart;
2) MACD and RSI lines move above the descending trendline and enter the bull territory;
3) Stochastic in 4H chart is not overbought territory; and
4) For the final confirmation, stochastic in Daily chart has crossed pointing upwards.
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