VeChain - Keep an eye on key levelsVeChain analysis:
VET is back above its 50EMA for this 1D timeframe.
VET is still above its Bollinger Bands Middle Band Basis 20 Period SMA. Note that VET is still walking upwards on the inside of the Upper Bollinger Band.
VET has found some resistance from its Pitchfork Median Line. If you are Long and waiting for confirmation then a close and successful retest of the Pitchfork Median Line as support is crucial for you.
VET is above its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visible range.
VET is below its Volume Profile Fixed Range (VPFR) Point of Control (POC) for this charts fixed range that i have selected.
Note that VET has closed 3 volume bars in the green but they have all been below the Volume 20 Period Moving Average.
The Moving Average Convergence Divergence (MACD) is showing strong positive momentum and the MACD Line (Blue Line) is now in the positive zone.
The Average Directional Index (ADX DI) is showing a strong trend with the ADX (Yellow Line) at 29.89 above its 9 Period EMA (White Line) which is at 29.25. the +DI (Green line) has increased to 22.95 and the -DI (Red Line) has dropped to 9.85, this indicates an increasing in Positive momentum while a decrease in Negative Momentum.
The Chaikin Money Flow (CMF) is indicating that the CMF (Green Line) is now back above the Zero Line & back in the Accumulation Zone at 0.02. Note that the CMF (Green line) is way above its Least Squares Moving Average (LSMA) which is at -0.07.
The Relative Strength Index (RSI) is showing strong upwards momentum, note that the RSI (Purple Line) is still safely above its 9 Period EMA (Yellow Line) and note that the RSI still has room to move up before entering the Overbought Zone on this 1D timeframe.
So if you are waiting to go long on VET, a break above the Pitchfork Median Line and successful re-test of that level as support is crucial for you. If VET cannot make it back above the Pitchfork median Line then it could drop back to its Bollinger Bands Middle Band Basis 20 Period SMA as potential support, and as always, we need to keep an eye on what BTC is doing.
I hope this is helpful with your trading and hold-ing.
