VETBTC trendreversal confirmed
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This analyses is only showing you guys my vision on VET and should not be considered as financial advice. If you agree or find this analyses useful, don't forget to leave a Like!
We can clearly see that VETBTC has broken out of the falling wedge it has been trading in for the last year or so.
Monthly:
We have seen a huge bullish engulfing candle, with a lot of Buying volume last month which indicates a lot more room for the upside.
Weekly:
We have closed the last weekly candle in a huge bullish engulfing one, indicating more upside.
We have also closed beautifly above the 50MA for the first time since this chart is live.
Volume is increasing and seems to be confirming our positions.
RSI and MACD are still nowhere near bearish territory.
Daily:
VETBTC is now fighting the first taking profit zone at 100 sats after seeing some sellof at 93 sats, we are now ready to try to test 100 after the beautiful bullish engulfing candle 2 days ago.
The volume has been starting to increase on the way up, which usually is a very bullish sign coming out of a wedge like this.
We are also above all moving averages on the daily graph which gives us even more confidence that the prices are going to keep on rising.
RSI, MACD are also bullish on this breakout and ready for another leg up.
What's next?
We have set three targets from the falling wedge, they can be found at 100, 160 and 220 sats.
Depending on how fast and well these targets are going to get reached will change our trading plan, but as we know falling wedges usually indicate a trendreversal and it is not uncommon that they easily override their targets!
If you have any questions please let me know in the comments below!
Kind regards,
Forallcrypto
This analyses is only showing you guys my vision on VET and should not be considered as financial advice. If you agree or find this analyses useful, don't forget to leave a Like!
We can clearly see that VETBTC has broken out of the falling wedge it has been trading in for the last year or so.
Monthly:
We have seen a huge bullish engulfing candle, with a lot of Buying volume last month which indicates a lot more room for the upside.
Weekly:
We have closed the last weekly candle in a huge bullish engulfing one, indicating more upside.
We have also closed beautifly above the 50MA for the first time since this chart is live.
Volume is increasing and seems to be confirming our positions.
RSI and MACD are still nowhere near bearish territory.
Daily:
VETBTC is now fighting the first taking profit zone at 100 sats after seeing some sellof at 93 sats, we are now ready to try to test 100 after the beautiful bullish engulfing candle 2 days ago.
The volume has been starting to increase on the way up, which usually is a very bullish sign coming out of a wedge like this.
We are also above all moving averages on the daily graph which gives us even more confidence that the prices are going to keep on rising.
RSI, MACD are also bullish on this breakout and ready for another leg up.
What's next?
We have set three targets from the falling wedge, they can be found at 100, 160 and 220 sats.
Depending on how fast and well these targets are going to get reached will change our trading plan, but as we know falling wedges usually indicate a trendreversal and it is not uncommon that they easily override their targets!
If you have any questions please let me know in the comments below!
Kind regards,
Forallcrypto
Disclaimer
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