VeChain 3 day chart - This time on LOG 😅Here is an updated VeChain chart, i realised that the Previous VeChain chart that i did stupidly wasn’t on LOG. If your chart is not on LOG then it will compress what is below the price in favour of drawing your attention to where the price is. This means that Pitchforks, Fibs, support and resistance lines, Triangles and various other indicators will be giving you false levels if you start in the compressed area like my Pitchfork did. So apologies for this 🙏
If we look at the 3 day chart again “this time on LOG” 😅, VeChain is in a longterm uptrend, The RSI has just gone into the Overbought area, but that doesn’t mean it will drop as it can range sideways in the overbought area as it has done before. The ADX DI SMA is indicating a very strong uptrend with the ADX (Yellow Line) at 46.5 and it has crossed back over the 10 Period SMA which is at 43.8, the +DI (Green Line) is curving upwards at 26.7 and is above the -DI (Red Line) which is at 5.8. All the Ichimoku Cloud Indicators are showing upwards momentum is very strong. VeChain has the potential to close above its Pitchfork Median Line over the next few days or weeks, If it does, then that will be our new Key Support Level on the next leg up. I have extended the Pitchfork Pattern to show what VET has above and below it as potential Support and Resistance Levels. The Bollinger Bands Upper & Lower Bands are expanding outwards indicating volatility is increasing. It looks like VET will continue the strong upwards momentum for a while yet, & please remember that the Price does not necessarily have to drop for the RSI to drop out of the overbought area or the Bollinger Bands to Contract, if VET trades sideways for an extended period, this will cause the RSI to drop and also the Bollinger Bands to contract. If you follow the ways of the Ichimoku Cloud like i do, you can see that the Lagging Span (Chikou Span) on the 3 day is still well above the Previous Price from 30 Periods ago & there is no fear of the Price dropping into the Bearish Zone under the Cloud (Kumo). VET is also quite a distance away from its Pitchfork Hagopian Line so there is no fear of VET crossing that any time soon. I still believe that VET is completely undervalued & any dip should be used as a chance to accumulate more at a cheaper price. I hope this is helpful 👍🔥🚀🌔🪐
