Viberate is a crowdsourced live music ecosystem and a blockchain-based marketplace, where musicians are matched with booking agencies and event organizers. We’re listing profiles of over 150,000 artists, 2,000 booking agencies, 60,000 venues and 500,000 events.
The Viberate/Bitcoin (VIB/BTC) market ignited its bull run on December 22, 2017 when it took out resistance at 0.000025 and reached 0.00006499. The 160% growth in one day forced intraday traders to take profits. Consequently, the market closed significantly lower at 0.00003747.
Selling continued for a few more days until the market went as low as 0.000023 on December 28. Sensing a bullish higher low was in place, participants bought positions, and pushed the market as high as 0.000065 on January 28, 2018. At that point, however, the market was nearly overbought, and that was enough for bottom pickers to take profits. Since then, the market has been correcting, but this dip offers you the chance to buy near a firm support level.
Technical analysis reveal that VIB/BTC is well on its way to retest support of 0.000025. Trading volume has been anemic since the January 28 surge. This indicates that sellers are losing ammo. In addition, the trading range has been gradually narrowing. Eventually, ask and bid prices will meet and when that happens, the market will most likely explode up.
The strategy is to buy as close to 0.000025 support as possible. For now, we will employ the simple buy the support, and sell the resistance play. A successful retest of 0.000025 will most likely take the market up to our initial target at 0.00005. The entire process might take less than a month.
Daily Chart of Viberate/Bitcoin on Binance
As of this writing, the Viberate/Bitcoin pair is trading at 0.00002723 on Binance.
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of coinmarketshare.org.