VETBTC trendreversal confirmed part 2Welcome fellow Tradingviewers,
In my last analyses i showed you guys the falling wedge that we have been trading in for the last year or so, and we now broke out.
Since then there was some news on Vechain again.
- The cold wallet got hacked resulting in the loss of some funds
- The Chinese Walmart is going to use Vechain to make a platform for food safety
So there has been some mixed events going on, now lets go to the price action:
Monthly:
- Last one closed in a big bullish engulfing candle
- The current monthly candle is showing a huge wick to the upside
Weekly:
- The last two weekly candle seem to be indicating a rejection and could lead to more bearish momentum
- We closed below the 50MA weekly
- RSI still in neutral territory
- MACD still bullish
Daily:
- We broke the daily 50MA next MA suppport is located around 60 sats, where currently the 100 Ma is crossing above the 200. Making a golden cross
- last daily close was a Bullish engulfing candle while bouncing on support, indicating upside
- MACD is in bearish territory
- RSI is Neutral
- We are in the early stages of forming a cup and handle pattern on VETBTC
So what's next?
There is still some room for downside momentum, as long as bulls are able to defend the 60-65 sats area the cup and handle pattern will be valid.
The cup and handle neckline is located anywhere from 90 to 100 sats, the conservative target upon breakout is located around 140 to 150 sats.
Cup and handle patterns usually have a very strong breakout, so make sure that your bags are secured before the breakout!
This analyses is only showing you guys my vision on VET and should not be considered as financial advice. If you agree or find this analyses useful, don't forget to leave a Like!
If you have anything to say about this analyses ypu can do so in the comments below!
Kind regards,
Forallcrypto
