Hey @mike314-0005 , always listen to that voice if it's telling you to be cautious. Technical analysis can only get you so far and it's really more about trying to find the highest probable trend rather than being able to say that it will definitely work out as the charts are showing.
If you read enough about the technology and follow the community a little (take community chat with a pinch of salt as sometimes people are very biased), you should subconsciously have a feel for where it might go or if it will gain traction. That's why your little voice is good!
You'll need to open the chart below as "image in new tab" but you'll see what I'm thinking for VTC in the short-term (next 3 weeks or so). It's the 4 hourly VTC/BTC chart. There's a falling wedge pattern that I'm liking the look of because:
a) the pattern has formed over a decent period and shown a little more stability which has been much needed
b) If you're able to zoom in enough on the chart, you'll notice the 50 day Moving Average (green line) is curving up. Volume has been very low on VTC lately. If we get some fairly big bargain hunters step in and push some big buy orders through, they might kick-start the bulls enough to get that green line over the 200MA which would be what is known as a "golden cross". It's called that because it's very good :)
I'm asking for a lot of planets to align there, but we are in the early part of the year, so historically, we're due to see a few cryptocurrencies jump up above the pack!
I love the tech and development team for Vertcoin. The community is also very engaged and well educated on their chosen product. These are all things that spell good times ahead for me.
Unless there is a fatal flaw with the technology or key members of the team that I'm not aware of, I'm remaining long on my VTC holdings. I bought very cheap, but even with potential 100% profits, the volatility below tells me that one day the swing traders will get caught out and not be able to buy back in without using up the "profits" they took.
This is only my opinion, but my personal plan is to hold VTC long-term (not acquiring more as have enough now), and wait until I see a significant movement towards the $20-$30 mark. At that point, I'll take perhaps 25% profit out of my holdings (which I'll try to replace on a good dip if possible). The next 25% I'd be looking to see would be up at the $80-$120 mark (again would try to buy back in on dips if still profitable). The last of it would only leave my hands if it's up at around the $300+ mark which I think it should be at within a year or two (market conditions being good).
I'm not able to give you advice, but I can share some insight as to how I'm thinking. I hope this helps. Again, only my opinion and personal plan.
