Vechain: Preparing for another breakout?
Updated
Vechain has been consolidating since its initial run at the beginning of the month. Today we're seeing an uptick in volume and the price is approaching prior resistance right around .0004420. Closing about this resistance would be a very positive sign and could call for another increase in price where the next point of resistance would be around .00046-.00047 and then ~.00049.
Be careful though, Vechain likes to bounce around when running into support on big run ups and could bounce back down only to test it again a few days later.
Personally, I think it will bounce back down, consolidate a little longer and then test black again, but no one can know for sure. We've got the EMA 20 (red) as solid support, if the price action follows the blue trend line upward it should squeeze us into some upward movement.
Happy trading!
Be careful though, Vechain likes to bounce around when running into support on big run ups and could bounce back down only to test it again a few days later.
Personally, I think it will bounce back down, consolidate a little longer and then test black again, but no one can know for sure. We've got the EMA 20 (red) as solid support, if the price action follows the blue trend line upward it should squeeze us into some upward movement.
Happy trading!
Note
Seems like support is holding around .000437, I'll adjust my black line down in future charts as its a bit higher than it should be.Note
Up we go! volume is slightly concerning, but the MACD isn't rolling over yet. Might not be a bad place to take some profits if your short. Next upward stop is .00487 (Green). Historically there has been some volatility at this level, so be on the lookout.
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