Long
$VIDT Volume Profile, MACD, Bullish Trend Indicating a Breakout
Updated
Hi All,
With Bitcoin confirming a bullish trend, historically altcoins are not too far behind the rally.
Today i am looking at VIDT, a data integrity blockchain project based out of the Netherlands. I have been following the fundamental business development of VIDT over the past month and can see some strong long term potential profits based on their token economic model. Coupled with great partnerships such as AMSPEC and IBM, i recommend taking a deep dive into the telegram library for further information on monthly token burns and adoption metrics at:
t.me/VIDTlibrary
Turning to the technical analysis,
We can see that on the daily chart, VIDT has maintained a strong performance against the BTC ratio (uncommon during BTCs tradtional explosive moves upwards when valued against altcoins). This shows us that the hands are strong across the current wallet holders (which stands at a count of 5743 as i write this article). We have bullish confluence across three key factors:
1. We have began printing higher highs and higher lows on a long term time frame (daily).
2. The MACD is rising in agreement with price, creating higher highs and higher lows.
3. Price is sitting above the 10/20 EMA, EMAs are in correct order for an ascending channel.
The Key Factor: In conjunction with the three indicators of confluence above, we can see a clear channel above a low level of resistance (0.00001547). When inspecting the Volume Profile on the right hand side of the chart, we notice VERY LITTLE resistance to return to previous heights. This indicator is a VERY STRONG sign that once the key resistance level is broken, price will accelerate rapidly as the market has yet to solidify a price within this range. Couple this with the current strength of holders mentioned previously and i am expecting to see a quick return to previous highs, potentially printing new highs after a test of the previous level of 0.00001300. This implies that a break of the prior resistance at 0.00001547 would lead to a clean target of 83%.
As always, this is not financial advice. I strongly suggest you do your own research on this project prior to investing. Loads of resources available on this project at about.v-id.org/ and multiple telegam channels.
With Bitcoin confirming a bullish trend, historically altcoins are not too far behind the rally.
Today i am looking at VIDT, a data integrity blockchain project based out of the Netherlands. I have been following the fundamental business development of VIDT over the past month and can see some strong long term potential profits based on their token economic model. Coupled with great partnerships such as AMSPEC and IBM, i recommend taking a deep dive into the telegram library for further information on monthly token burns and adoption metrics at:
t.me/VIDTlibrary
Turning to the technical analysis,
We can see that on the daily chart, VIDT has maintained a strong performance against the BTC ratio (uncommon during BTCs tradtional explosive moves upwards when valued against altcoins). This shows us that the hands are strong across the current wallet holders (which stands at a count of 5743 as i write this article). We have bullish confluence across three key factors:
1. We have began printing higher highs and higher lows on a long term time frame (daily).
2. The MACD is rising in agreement with price, creating higher highs and higher lows.
3. Price is sitting above the 10/20 EMA, EMAs are in correct order for an ascending channel.
The Key Factor: In conjunction with the three indicators of confluence above, we can see a clear channel above a low level of resistance (0.00001547). When inspecting the Volume Profile on the right hand side of the chart, we notice VERY LITTLE resistance to return to previous heights. This indicator is a VERY STRONG sign that once the key resistance level is broken, price will accelerate rapidly as the market has yet to solidify a price within this range. Couple this with the current strength of holders mentioned previously and i am expecting to see a quick return to previous highs, potentially printing new highs after a test of the previous level of 0.00001300. This implies that a break of the prior resistance at 0.00001547 would lead to a clean target of 83%.
As always, this is not financial advice. I strongly suggest you do your own research on this project prior to investing. Loads of resources available on this project at about.v-id.org/ and multiple telegam channels.
Note
Daily Update:Cup and handle pattern forming on the 1H chart in confluence with the Daily time frame. A retest of the "last line" resistance is immenent, VIDT is holding sat value with the rise in BTC to 9K.
Note
Cup and handle played out perfectly on the 1H.Price testing "Last Line" of resistance, huge breakout potential.
Note
Buying pressure building against the resistance line.Low levels of selling, high levels of buying indicated by the Volume Profile.
Bullish confluence continues to support a high range breakout.
Trade closed: target reached
Took another test to get there but we got there,Took profits from my position at 3000 sats.
Well done to those who followed along.
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