VENBTC - Looking Bullish

Yesterday VeChain ( VEN ) closed above 0.000533, it is aiming 0.000533- 0.000599 levels.

VEN is above all the 4 moving averages, with red SMMA (21) crossing up the BB(21). This suggests a bullish trend upcoming. However, there's a strong resistance in the upper Bollinger Band , where VEN is almost touching, and the 0.23 Fib level broken and it is not retested yet. Pivot point also lies there. If Bitcoin fails to hold the current price levels, we can expect VEN to lose this Fib level as well and a dip to the blue line is possible.

RSI and stoch RSI both are signaling oversold and Volume is not supportive. Volume is decreasing, creating a bearish divergence with the price.

In this case, a further dip to retest the lower levels (0.00048 levels), is likely. Just below it VEN has the blue line support (0.00045). It was the support in the past week. We expect a correction. A conservative buy at the 0.00048 region. This TA is valid as long as BTC trades above 7500$ levels.


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