VET/USD - update
VET an in-depth 1day chart analysis:
If you look at my previous 3 VET charts and press play, you can see that VET has dropped out of its Symmetrical Triangle Pattern on the 1d timeframe.
VET is still below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. Not that the Middle Band is moving downwards and so is the Upper and Lower Bands.
VET is testing its Descending Pitchfork Pattern Median Line, if VET drops below this line the we can expect VET to drop to $0.068 again.
Note that VET is still above its Least Squares Moving Average (LSMA) level at the moment. The LSMA Level is near the Pitchfork Median Line so if VET drops below the Pitchfork Median Line then it may also drop below the LSMA as this area is a crucial support. Note that if VET CLOSES a daily candle BELOW the LSMA then that will be considered a sell signal on this 1d timeframe for this indicator.
Note that VET is also in a Descending Triangle Pattern on this 1d timeframe. Note that a Descending triangle Pattern is a potentially a Bearish Pattern.
For your viewing pleasure i have added various Support and Resistance Lines as well as a few Support and Resistance Areas.
Volume is still very low on this Binance 1d chart and note that VET has not closed a daily Volume Bar above its Volume 20 Period Moving Average since the 10th Jan and note that that Volume Bar closed n the red.
VET is fighting to stay above its Volume Profile Fixed Range Point of Control (VPVR POC) for the Fixed Range of 8x daily candle s that i have selected.
VET is also under its Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range.
If we look at the Average Directional Index (ADX DI) we can see that Negative Momentum has increased with the -D (Red Line) rising to 17.64 and Positive Momentum has decreased with the +DI (Green Line) dropping to 13.96. Not that the Trend Strength is very weak with the ADX (Orange Line) at 15.21 and still under its 9 Period EMA (White Line) which is at 17.73. Note that the ADX (Orange Line) is still under the 20 Threshold.
If we look at the Stochastic Indicator (STOCH) we can see that Momentum is downwards at the moment and note that the %K (Blue Line) is still below its %D (Orange Line) on this 1d timeframe. If VET drops below its Pitchfork Median Line and LSMA then we will see the %K (Blue Line) enter back into the Oversold Zone agin on this 1d timeframe.
If we look at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is indicating momentum is sideways for this indicator and note that the MACD Line (Blue Line) is still above its Signal Line (Orange Line). Note that Upwards momentum has weakened because today’s MACD Histogram Bar has decreased in size and has lightened. Note that the MACD Line (Blue Lien) is still in the Negative Zone under the 0.0 Base Line and has not been in the Positive Zone above the 0.0 Base Line since the 21st Nov 2021.
If we look at the Chaikin Money Flow (CMF) we can see that the CMF (Green Line) is still under the 0.0 Base Line in the Distribution Zone. However the CMF (Green Line) is pointing upwards indicating that Accumulation is increasing and this is confirmed by the CMF (Green Line) being above its Least Squares Moving Average (LSMA) (Cyan Line) which is a sign of accumulation strength. For accumulation strength to be sustainable, we need the CMF (Green Line) to eventually cross back above the 0.0 Base Line back into the Accumulation Zone on this 1d timeframe.
At the moment VET is fully under the control of BTC and in what direction BTC goes in. As you can clearly see from this Binance daily chart, Volume is still very VERY LOW for VET as well as for the overall crypto market in general. As we can see, the Market Makers are focusing on other select cryptos at the moment like ADA, but that rise is also being slowed because of BTC’s drop and control of the market. Overall there seems to be a lack of Market Maker Liquidity being traded at the moment.
There is a lot of talk about VET rising BUT any rise NEEDS to be backed up by INCREASING LARGE VOLUME to remain sustainable for the longterm. I would not get excited until Volume Increased and VET crosses above and more importantly CLOSES a daily candle ABOVE the Bollinger Bands Middle Band Basis 20 Period SMA and successfully ret-test it as support on this 1d timeframe. So overall there may be some more really good opportunities to acquire more VET at a much cheaper price.
I hope this is helpful with your Trading and Hodl-ng.
NOTES:
LSMA = Yellow Squiggly Line on chart
Bollinger Bands = Grey Bands on Chart
VPFR POC = Short Horizontal White Dashed Line on Chart
VPVR POC = Long Horizontal White Dashed Line on Chart
Support and Resistance Areas = Parallel White Lines with Yellow Shading on Chart
Volume Bars = Red and Green Bars bottom on Chart
Volume MA = Orange Line going through Volume Bars on Chart
Pitchfork Median Line = Long Descending Thin White Dashed Line on Chart
If you look at my previous 3 VET charts and press play, you can see that VET has dropped out of its Symmetrical Triangle Pattern on the 1d timeframe.
VET is still below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. Not that the Middle Band is moving downwards and so is the Upper and Lower Bands.
VET is testing its Descending Pitchfork Pattern Median Line, if VET drops below this line the we can expect VET to drop to $0.068 again.
Note that VET is still above its Least Squares Moving Average (LSMA) level at the moment. The LSMA Level is near the Pitchfork Median Line so if VET drops below the Pitchfork Median Line then it may also drop below the LSMA as this area is a crucial support. Note that if VET CLOSES a daily candle BELOW the LSMA then that will be considered a sell signal on this 1d timeframe for this indicator.
Note that VET is also in a Descending Triangle Pattern on this 1d timeframe. Note that a Descending triangle Pattern is a potentially a Bearish Pattern.
For your viewing pleasure i have added various Support and Resistance Lines as well as a few Support and Resistance Areas.
Volume is still very low on this Binance 1d chart and note that VET has not closed a daily Volume Bar above its Volume 20 Period Moving Average since the 10th Jan and note that that Volume Bar closed n the red.
VET is fighting to stay above its Volume Profile Fixed Range Point of Control (VPVR POC) for the Fixed Range of 8x daily candle s that i have selected.
VET is also under its Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range.
If we look at the Average Directional Index (ADX DI) we can see that Negative Momentum has increased with the -D (Red Line) rising to 17.64 and Positive Momentum has decreased with the +DI (Green Line) dropping to 13.96. Not that the Trend Strength is very weak with the ADX (Orange Line) at 15.21 and still under its 9 Period EMA (White Line) which is at 17.73. Note that the ADX (Orange Line) is still under the 20 Threshold.
If we look at the Stochastic Indicator (STOCH) we can see that Momentum is downwards at the moment and note that the %K (Blue Line) is still below its %D (Orange Line) on this 1d timeframe. If VET drops below its Pitchfork Median Line and LSMA then we will see the %K (Blue Line) enter back into the Oversold Zone agin on this 1d timeframe.
If we look at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is indicating momentum is sideways for this indicator and note that the MACD Line (Blue Line) is still above its Signal Line (Orange Line). Note that Upwards momentum has weakened because today’s MACD Histogram Bar has decreased in size and has lightened. Note that the MACD Line (Blue Lien) is still in the Negative Zone under the 0.0 Base Line and has not been in the Positive Zone above the 0.0 Base Line since the 21st Nov 2021.
If we look at the Chaikin Money Flow (CMF) we can see that the CMF (Green Line) is still under the 0.0 Base Line in the Distribution Zone. However the CMF (Green Line) is pointing upwards indicating that Accumulation is increasing and this is confirmed by the CMF (Green Line) being above its Least Squares Moving Average (LSMA) (Cyan Line) which is a sign of accumulation strength. For accumulation strength to be sustainable, we need the CMF (Green Line) to eventually cross back above the 0.0 Base Line back into the Accumulation Zone on this 1d timeframe.
At the moment VET is fully under the control of BTC and in what direction BTC goes in. As you can clearly see from this Binance daily chart, Volume is still very VERY LOW for VET as well as for the overall crypto market in general. As we can see, the Market Makers are focusing on other select cryptos at the moment like ADA, but that rise is also being slowed because of BTC’s drop and control of the market. Overall there seems to be a lack of Market Maker Liquidity being traded at the moment.
There is a lot of talk about VET rising BUT any rise NEEDS to be backed up by INCREASING LARGE VOLUME to remain sustainable for the longterm. I would not get excited until Volume Increased and VET crosses above and more importantly CLOSES a daily candle ABOVE the Bollinger Bands Middle Band Basis 20 Period SMA and successfully ret-test it as support on this 1d timeframe. So overall there may be some more really good opportunities to acquire more VET at a much cheaper price.
I hope this is helpful with your Trading and Hodl-ng.
NOTES:
LSMA = Yellow Squiggly Line on chart
Bollinger Bands = Grey Bands on Chart
VPFR POC = Short Horizontal White Dashed Line on Chart
VPVR POC = Long Horizontal White Dashed Line on Chart
Support and Resistance Areas = Parallel White Lines with Yellow Shading on Chart
Volume Bars = Red and Green Bars bottom on Chart
Volume MA = Orange Line going through Volume Bars on Chart
Pitchfork Median Line = Long Descending Thin White Dashed Line on Chart
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