✴️ VeChain Falling Wedge Opens 159% Potential Mid-TermThere are so many reversal signals here that it is hard to choose where to start...
Ok. Late December VeChain (VETUSDT) printed a DragonFly Doji candlestick.
This is the one with a small real body and a long lower wick/shadow.
When this candle shows up at new lows/support, it can be read as a strong reversal signal.
The fact that it is followed by a full green candle the next week, gives confirmation.
This current week also starting green gives additional strength.
This is a strong bullish reversal bias based on candlestick reading from the last three weekly candle.
The RSI hit a low and is now curving upwards.
We have very big falling wedge pattern breaking bullish.
The Red Ichimoku cloud is on top and prices are normally attracted to this cloud.
After years of bearish action, the resistance levels turned support need to be tested and thus we come to the following conclusion:
VeChain is set to move up.
First stop/target will be EMA21 or 0.382 Fib. extension at 0.02150-0.02240 for 25%.
Second stop/target for 53% will be 0.02679.
Third target almost reaching EMA50 at 0.03333 for a nice, ~90%.
Fourth and last target is the 1.618 Fib. extension level matching the weekly EMA100 blue line or 0.04530 for a great 159%.
That's the potential, now the risk.
The stop-loss can be used as a manual stop-loss, our preferred method, when an entire session closes below 0.01500. If this criteria takes place a buy can be closed.
Very low risk...
High potential for rewards.
Namaste.
