VeChain - 4hr Inverted Head and ShouldersVeChain - A quick 4hr chart update
VeChain has broken upwards from its Inverted Head and Shoulders pattern.
VeChain is above its Bollinger Bands Middle Band Basis which is a 20 Period SMA. Note that the Bollinger Bands Upper Band has started to point upwards.
VeChain is below its 50EMA fro this 4hr timeframe. We need to close a 4hr candle above the 50EMA for this 4hr timeframe.
The Ichimoku Lagging Span (Chikou Span) is indicating momentum is upwards or this 4hr timeframe.
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating short-term momentum is upwards for this 4hr timeframe.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating mid-term momentum’s sideways for this 4hr timeframe.
VeChain is trying to get back over its Leading Span B (Senkou Span B) resistance level, crossing this level will take VET out of the Bearish Zone & back into the Equilibrium Zone of the Ichimoku Cloud for this 4hr Timeframe.
The Chaikin Money Flow (CMF) is showing that VET is still in the accumulation zone at 0.13 for this 4hr timeframe.
The ADX (Yellow Line) is at 47 slightly below its 9 Period EMA (White Line) which is at 48. The -DI (Red Line) is at 24.5 above its +DI (Green Line) which is at 15.1. Notice that the _DI (Red Line) is pointing downwards and the +DI (Green Line) is pointing upwards, if upwards pressure maintains then we may see the +DI (Green Line) cross back above the -DI (Red Line).
If VeChain closes this 4hr candle in the Equilibrium Zone, then VET will be poised to attack the Leading Span A (Senkou Span A) cloud resistance to try and get back into the Bullish Zone of the Ichimoku Cloud for this 4hr timeframe. If VET crosses back into the Bullish Zone, we will then get a Kumo (Cloud) Twist back in to green indicating a renewed Bullish Trend for this 4hr timeframe.
I hope this is helpful with your trading and hodl-ing 👍🔥🚀🌍🌔🪐🛸👽
