Short
Vechain still in ABC correction
VEN has left the rising channel after finishing a 1-5 move. Since the end of January it has been going side-ways and although we have retraced somewhat, I do not think that this is the end of it. Building up to the upcoming rebranding I think we might see a minor move up towards B. But noticing the strong decline in volume since December, I think that the rebrand will not necessarily lead to a strong move upwards. With these sideways movements the indicators also don't really provide strong signals, but I rather believe that more correction is due instead of a new full wave upwards. So I might start taking some profits in the next coming days.
Note
This is the area I will be looking for. I'm not saying that this will be the bottom, but I do expect some bounce in this area.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.