VETUSDT Weekly Inside Bar Forming at SupportLast week's candle was a bullish pin bar. We might see another bullish pin bar this week, along with a possible inside bar pattern
Little choice for the market but to break out. Question is, which direction? :)
PS. Still a few hours to go before the weekly close so let's see if we do see an inside bar pattern here.
Vechainusd
VETUSDT: VeChain Chart UpdateHere are the structures and levels I am watching.
Still in a pullback from that August high. Needless to say 0.01 is key level here and a bounce here would not be unreasonable given how the market has performed against the level in the past 5 weeks.
Let's see if the bulls can hold the level in a weekly closing basis.
Weekly chart:
Vechain (VET) This Dump Will Lead To A Big PumpHey, friends hope you are well and welcome the new update on Vechain coin.
On long term weekly chart the priceline is retraced between 0.50 to 0.618 Fibonacci retracement. Before this correction the price action of VET broke out Ichimoku cloud with powerful bullish rally. Now it is retesting the 25 SMA as well.
On daily time period chart the priceline is moving in falling wedge pattern Vechain. Recently price action is rejected by resistance of wedge and moving down. The volume profile is showing weak interest of traders at the support of wedge pattern. The moon phases indicator is also showing new full moon above the resistance. Therefore there are chances of breakout after a correction.
On daily chart the EMA 10 and 20 are in bear cross. The stochastic and macd are weak bullish. When all three indicators will turn bullish then we can expect another rally to the upside.
The pricline is likely to move down to re-rest support at $0.011. The next resistance levels are $ 0.015, $ 0.018 and $ 0.021 respectively.
Conclusion:
The priceline is moving down after rejection by the resistance of wedge. But before support of the wedge we also have strong support of $0.011. Therefore the priceline can retest this support and start the next rally for an attempt to break out from the resistance of the wedge.
Don't miss the great buy opportunity in VETUSDTTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (0.0165). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. VETUSDT is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 47.
Take Profits:
TP1= @ 0.0190
TP2= @ 0.0210
TP3= @ 0.0230
TP4= @ 0.0285
TP5= @ 0.0366
SL= Break below S2
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Vechain Attempting To Find Support On 4-Hour and 12-Hour Higher time-frames, 1 day and 2 day are showing negative momentum for VETUSD while 4 hour and 12 hour suggest traders are attempting to find a break. It will be a very interesting close to the week as a 40% rise still seems quite possible looking at the weekly chart structure.
However, if bitcoin decides to nose dive it could spark a significantly altcoin correction due to recent big gains.
Another target for VET Previous ATHIt took us about 2 years of stacking VET as much as we could to watch this live trade, another 32% will bring us to ATH, and after that something around 0,036 is the fibo target which correlates with the previous old vechain chart before 1:100 changes in tokenomics.
Vechain Launch Sequence InitiatedI don't think there's a trader on Earth that would not agree this chart looks very, very promising. With a 'three white soldiers' formation and current price above a long-term horizontal resistance level, (plus RSI and short moving averages crossing up), we expect traders to take long positions for July and beyond.