Vechain still in ABC correction
Updated
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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