Long

🌧️ VTHO In Descending Channel

Updated

VTHO has been in a descending channel for a while now, and recently got rejected on the top of the channel. Facing huge selling pressure, we expect VTHO to retrace back down to $0.013 to test the bottom of the channel and form a W pattern before taking off again. If it breaks the support level, then expect a drop back to retest strong support near the $0.01 mark.

That said, RSI still looks pretty healthy, so VTHO might just go up from here off the support level at $0.0156. If we break the channel, expect to face strong resistance around the $0.02 levels.

Note: This is not financial advice and is merely my opinion.

Note

VTHO bounced off support level at $0.015. We will have to see if it hits the top of the descending channel and forms an M pattern or whether it breaks out from the channel for more upside.

Note

VTHO now heading to the bottom of the channel, expecting it to bounce from $0.013 upwards, otherwise it will be heading down a lot. That said, it's unlikely to drop much further due to increasing buying pressure. We will have to look at VET, BTC and the general market to see if the correction continues.

Note

VTHO just broke out of the descending channel on the upside. We'll see if it is able to find support at around $0.016. If so, we can expect upside about the length of the bullish flagpole, which is up to around $0.028.

If VTHO breaks out, then VET might follow shortly.

Note

Okay at this point we can almost safely say that VTHO is going up - it's time to start DCA-ing in.

Trade closed: stop reached

RainyTrader

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