For obvious reasons, I cleaned up the graph a bit and you can now clearly see 3 important points in the graph:
- Point 1: BIG BUY moment for Vechain (based on , , , etc. - definitely see my previous posts for deeper understanding)
- Point 2: BIG SELL moment (same rationale)
- Point 3: the BIG BUY moment I highlighted in my previous post of April 12th
You can also see that I highlighted a "point 4" in the graph, which is where we are more or less now, and you can see a couple of things:
- Price is stable around the level at 51579 sat.
- There is a strong support around 49000-ish as well, visible by the white line connecting the previous bottoms
- A formation seems apparent, and the graph is still moving around within that spectrum. We can also see that we are close to the support there.
You can also see how it looks like on the 4hr graph, with the shorter term Fibonacci horizontals:
We seem to have a crossing there of the bottom and the white support at around 47000-ish.
Indicators and the formation suggest that some more consolidation could follow so that we continue nicely on their support levels. We can also increase somewhat more rapidly, indicators are not too clear in my opinion (after a quick & dirty analysis though), but I think the most important is that we have strong support levels, an incredible fundamental story (over 250 partnerships, a.o. with BMW , Louis Vuitton, Renault, etc. etc.) and stakes in the company by PriceWaterhouseCoopers (PwC) and some big whale investors.
Conclusion: The fundamental story behind this one is incredible, it's almost unbelievable that this one didn't moon yet. Looking at the technicals, we see strong support levels not far down, so the reward/risk ratio is actually immense, especially in the longer run.
Have a look for yourself, DYOR, and get your own stakes in Vechain if you think it's worth it!
(Also have a look at my website - see profile - for (or directly twitter follow)
Thumbs up on the right of this post ;)
This could be the Elliot Wave story