Vechain is riding an ascending channel. The ceiling of the channel has been respected a few times.
Price action is now bound for a cluster of support. The level that is designated in green used to be a strong support area, which is regained now. A bounce off this area can validate an assail towards the resistance which is designated in red. The area designated in purple could act as a launchpad. We need to wait and see how price action develops there.
In case of a bounce off the purple box, the trade offers a decent R/R with a profit to the tune of 25%.
Price action is now bound for a cluster of support. The level that is designated in green used to be a strong support area, which is regained now. A bounce off this area can validate an assail towards the resistance which is designated in red. The area designated in purple could act as a launchpad. We need to wait and see how price action develops there.
In case of a bounce off the purple box, the trade offers a decent R/R with a profit to the tune of 25%.
Trade closed: target reached
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.
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.