Here we are for the update on VEN! So far things are shaping out perfectly as anticipated. The rising wedge was a little more restricting than anticipated, but you can see the breakout, coupled with a high volume *circled*, rapidly plummeting RSI, and bearish divergence all confirm that VEN will continue dropping down to the anticipated support line. This support is formed by the 78.6% retrace of the original pump back in the third week of Jan.
Currently we are experiencing support at the .00052 level, but I do not expect this to hold for long. We may see a small bounce, or a small consolidation here, but I would expect this level to continue falling. This is not a strong enough support to hold this level. Even as I type this VEN is dropping lower.
If/when we get down to the 78.6, I believe we will see a developing inverse H&S, as shown in purple. The target for this H&S sits around .00081, which just so happens to be right at the all-time high. Let's continue to monitor and see how this plays out!
Any and all feedback (including tips) are appreciated!
BTC - 14WRSvZ8uBapqS81WeRwnqmjNJ7iYUR2sD
ETH - 0x88e544d0493EaFb9fEaC33FB4b60A8007435a403
LTC - LW1ixkVoFcwKWPdsZbDhDfHToaMHTs2sr2
Currently we are experiencing support at the .00052 level, but I do not expect this to hold for long. We may see a small bounce, or a small consolidation here, but I would expect this level to continue falling. This is not a strong enough support to hold this level. Even as I type this VEN is dropping lower.
If/when we get down to the 78.6, I believe we will see a developing inverse H&S, as shown in purple. The target for this H&S sits around .00081, which just so happens to be right at the all-time high. Let's continue to monitor and see how this plays out!
Any and all feedback (including tips) are appreciated!
BTC - 14WRSvZ8uBapqS81WeRwnqmjNJ7iYUR2sD
ETH - 0x88e544d0493EaFb9fEaC33FB4b60A8007435a403
LTC - LW1ixkVoFcwKWPdsZbDhDfHToaMHTs2sr2