VETUSDT forming higher high outside of months long consolidationLetting the chart speak for itself. Target/resistance levels already marked.
Vechainusdt
Vechain (VET) Has Broken Out The WedgeHey friends, hope you are well and welcome to the new update on VeChain Coin.
On daily chart the priceline of VET coin was moving in a falling wedge. Finally the price action has broken out the resistance of this pattern. The volume profile is showing very low interest of the traders in the area where the priceline is moving therefore the price action can move more up in the area where the trader’s interest is strong. Once the exponential moving average 10 will cross up the EMA 21 then a further bullish momentum will be confirmed and move buying volume will be entered.
On the long term weekly chart after a strong bullish move the priceline is retraced at 0.618 Fibonacci retracement level an likely to re-test the ichimoku bearish cloud as support. The conversion line is moving down to form bear cross with baseline but lagging span is again moving up therefore we can expect that soon the conversion line will be moved up that will be strong buying signal for the long term rally.
On the daily chart different short and mid term support and resistance levels can be seen. The priceline is moving between $0.011 and $0.015 support and resistance level. At the moment candlesticks are trying to breakout $0.015 resistance. Once this resistance will be broken out then a move upto $0.018 resistance is expected very soon.
Conclusion:
As the price action of VET coin has broken out the resistance of wedge but the buying volume is not as that much powerful that can give us confirmation that it is not a fake-out. However, if we will see the weak buying volume with continuity and the EMA 10 will cross up the EMA 21 then we can have the confirmation of a firm breakout. And in case of this bull cross between these two EMAs 10 and 21 we can expect a rally upto $0.018 very soon and in case of breaking out this resistance the price action can move upto $0.021 powerful resistance.
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.
VETUSDT closing the week on a bullish note?A weekly close near the weekly candle high would be welcome development and should be great bullish signal considering where we currently are.
Context is everything and right now, we are at a good place to launch! As long as that 0.01 level holds, we are good to go!
VETUSDT 2-legged pullback complete?Weekly chart is clearly showing 2 legs down from the AUG high. Context is good for a leg up from here on but the bulls need to hold 0.01 on a weekly close to increase likelihood of a move up in the short term.
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.
Buy Zone and Target for Vechain VET/USDTI think VET is forming a bull flag, which could break up very soon. This is my buy zone and target for VET. I'd cut loss if it broke below the support. This is an updated one from the previous post that i did last week.
(Not financial advice)
(NFA/DYOR) VETUSDT: Symmetrical triangle. Symmetrical triangle on VeChain. Keep an eye on the price over the next two weeks. Included some indicators so you can draw your own conclusions.
