Viberate VS Bitcoin Near Psychological Support

On the 24th of June, Viberate hit the low at 1080 satoshis. This is the 127.2% Fibonacci retracement level applied to the previous corrective wave up. At the same time this is the area of the key psychological support, that is 1000 satoshis.

Technically speaking, it might be a very attractive price for buyers, which could result in a trend reversal or a correctional move upwards against the Bitcoin. If daily close will remain above 1k satoshis, price could easily reach the strong resistance at 1615 satoshis, which previously was the key support. The confirmation could be daily break and close the 1260 satoshis resistance, where the descending channel has been rejected.

On the other hand, if VIB/BTC stays below the 1260 resistance and break to the new lows, the downtrend continuation could take place and the bullish outlook would be invalidated.

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