VEN is currently riding the support I have been calling for. The RSI sits in the overbought zone, and the MACD is currently alerting me that we may be at the bottom and turning upward. These signs both tell me that a bounce may be coming soon, but the lack of volume has me concerned. Right now I think it is a real possibility that this level breaks down and we test levels closer to the low reached after the ATH around .00044. VEN is consolidating at this support level and we appear to have a bit of a wedge forming. This is a continuation pattern, pointing down down down.
If the current suppport level fails, and the .00044 level fails, we will be looking at a full retrace of the ATH. While we are seeing bullish signals deveolping, until we see green volume increase, it is going to be best to wait patiently for a confirmation of action. We are in a mode of reacting right now. If the volume spikes green, we react and look at the possibility of going short-term long to the bottom of the blue wedge. If this resistance level holds, we patiently wait and read what the charts gives us. If there is breakdown to lower levels, we again wait to see what the chart is telling us.
I am hodl-ing a small stash off any exchanges for now, and may accummulate a little more for the long-term at these levels, but I am not actively trading until this unfolds and becomes a little more clear.
Fair winds and following seas,
Catain Holley
If the current suppport level fails, and the .00044 level fails, we will be looking at a full retrace of the ATH. While we are seeing bullish signals deveolping, until we see green volume increase, it is going to be best to wait patiently for a confirmation of action. We are in a mode of reacting right now. If the volume spikes green, we react and look at the possibility of going short-term long to the bottom of the blue wedge. If this resistance level holds, we patiently wait and read what the charts gives us. If there is breakdown to lower levels, we again wait to see what the chart is telling us.
I am hodl-ing a small stash off any exchanges for now, and may accummulate a little more for the long-term at these levels, but I am not actively trading until this unfolds and becomes a little more clear.
Fair winds and following seas,
Catain Holley