VETUSDT | Double Top | S/R Flip | Volume Climax
Todays Analysis – VETUSDT – Ranging within support and resistance
Points to consider:
- Weekly resistance
- S/R Flip
- .382 Fibonacci Retracement
- 21 EMA (visual guide)
- Volume Climax
- Oscillators Neutral
VETUSDT is consolidating within structural support and double top resistance after putting in a successful S/R flip re-test.
A long trade will be validated upon body candle closes above weekly resistance or a short trade upon body candle closes below structural support.
The .382 Fibonacci retracement acting as support in confluence with structural support needs to hold for a bullish continuation.
Price action respecting the 21 EMA as it breaks in either direction will act as a visual guide, assisting in trade management.
VeChains recent volume climax as it broke above resistance levels is indicative of buyer exhaustion as price balances supply and demand. The current volume is below average, a sustained increase in volume will allow for decisive price action in either direction avoiding any false breaks.
Oscillators are neutral, further price development will allow for directional bias.
Overall, in my opinion, further price development is needed and a break in either direction supported by volume validates a trade.
What are your thoughts?
If you’ve read this far, I’d like to thank you for following my work and development as a trader!
As always,
Focus on you, and the money will too!
Points to consider:
- Weekly resistance
- S/R Flip
- .382 Fibonacci Retracement
- 21 EMA (visual guide)
- Volume Climax
- Oscillators Neutral
VETUSDT is consolidating within structural support and double top resistance after putting in a successful S/R flip re-test.
A long trade will be validated upon body candle closes above weekly resistance or a short trade upon body candle closes below structural support.
The .382 Fibonacci retracement acting as support in confluence with structural support needs to hold for a bullish continuation.
Price action respecting the 21 EMA as it breaks in either direction will act as a visual guide, assisting in trade management.
VeChains recent volume climax as it broke above resistance levels is indicative of buyer exhaustion as price balances supply and demand. The current volume is below average, a sustained increase in volume will allow for decisive price action in either direction avoiding any false breaks.
Oscillators are neutral, further price development will allow for directional bias.
Overall, in my opinion, further price development is needed and a break in either direction supported by volume validates a trade.
What are your thoughts?
If you’ve read this far, I’d like to thank you for following my work and development as a trader!
As always,
Focus on you, and the money will too!
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