This is my first post. I am relatively new to trading, and I got in at a tough time (December, ouch). I really like this project and what it has to offer, let me know what you think of this analysis.
VeChain as a project looks very promising, and one that should be looked into as a long term hodl. For those that are unfamiliar, VeChain is looking to add RFids to items in order to prove they are original. This can be done to anything from cars, sunglasses, paintings, to bottles of wine. Any high ticket collector's items will be able to be scanned and determined its authenticity as well as the background of the product at hand. This unique idea has many real world applications, and is killing the game as far as partnerships. With the upcoming re-branding, and the Mainnet launch introducing the Thor power, I feel this coin has a strong short-, mid-, and long-term future.
Now for the TA. Like many other coins in the crypto-space, VEN was on a strong trajectory upwards. This movement began to break down near the end of January, forming a head and shoulders formation in the process. I measured out the length of the neck and this landed us just below the 78.6% retrace, which is where VEN ultimately found strong resistance and bounced. Since the bounce VEN has been trading in an upward channel. This channel will continue to act as resistance, with current support being the 50 day EMA. As you can see, within this channel is an inverse head-and-shoulders formation, which had a failed breakout right at the upward trend. If we break this resistance line on the next retest, I expect a rise to at least the 23.6% retrace, which stands at .000785. You may notice the neckline of the inverse head-and-shoulders sits higher than the 23.6% retrace. This is the strongest resistance on the way to the neckline target, and this is where VEN will be stopped. Supporting all these claims you will see the increase in volume, as well as bullish divergence in the MACD. RSI still leaves a little to be desired, but there is some room for growth there. Let's see how VEN does within the channel, but right now I am bearish!
I am new, but I am going to continue to learn and continue to post! Any and all feedback is appreciated!
Tips:
BTC - 14WRSvZ8uBapqS81WeRwnqmjNJ7iYUR2sD
ETH - 0x88e544d0493EaFb9fEaC33FB4b60A8007435a403
LTC - LW1ixkVoFcwKWPdsZbDhDfHToaMHTs2sr2
VeChain as a project looks very promising, and one that should be looked into as a long term hodl. For those that are unfamiliar, VeChain is looking to add RFids to items in order to prove they are original. This can be done to anything from cars, sunglasses, paintings, to bottles of wine. Any high ticket collector's items will be able to be scanned and determined its authenticity as well as the background of the product at hand. This unique idea has many real world applications, and is killing the game as far as partnerships. With the upcoming re-branding, and the Mainnet launch introducing the Thor power, I feel this coin has a strong short-, mid-, and long-term future.
Now for the TA. Like many other coins in the crypto-space, VEN was on a strong trajectory upwards. This movement began to break down near the end of January, forming a head and shoulders formation in the process. I measured out the length of the neck and this landed us just below the 78.6% retrace, which is where VEN ultimately found strong resistance and bounced. Since the bounce VEN has been trading in an upward channel. This channel will continue to act as resistance, with current support being the 50 day EMA. As you can see, within this channel is an inverse head-and-shoulders formation, which had a failed breakout right at the upward trend. If we break this resistance line on the next retest, I expect a rise to at least the 23.6% retrace, which stands at .000785. You may notice the neckline of the inverse head-and-shoulders sits higher than the 23.6% retrace. This is the strongest resistance on the way to the neckline target, and this is where VEN will be stopped. Supporting all these claims you will see the increase in volume, as well as bullish divergence in the MACD. RSI still leaves a little to be desired, but there is some room for growth there. Let's see how VEN does within the channel, but right now I am bearish!
I am new, but I am going to continue to learn and continue to post! Any and all feedback is appreciated!
Tips:
BTC - 14WRSvZ8uBapqS81WeRwnqmjNJ7iYUR2sD
ETH - 0x88e544d0493EaFb9fEaC33FB4b60A8007435a403
LTC - LW1ixkVoFcwKWPdsZbDhDfHToaMHTs2sr2