Verium Starting An Uptrend

Verium has found the support at $1.74, where it formed a double bottom, along with the bullish divergence on the RSI oscillator. The price went up breaking above the descending channel and the 50 Moving Average.

As VRM/USD continues to produce higher highs and higher lows, the price is likely to continue increasing. The first resistance is seen at 76.4% Fibonacci retracement level that is $5 area. Break and close above tha resistance should send price much higher where the upside target is seen around $12 area.

On a downside, Verium could correct back down, towards the 50 Moving Average which already acted as a support on the 16th of April. But only break and close below the $1.74 support could invalidate bullish outlook.

Source: http://cryptopost.com/verium-starting-an-uptrend/
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