BINANCE:VENUSD   VeChain / Dollar (calculated by TradingView)
VeChain has reached the all-time high at $9.6, after which it corrected down to $2.6, losing 73% to the USD. Price failed to break with confidence below 61.8% Fibonacci retracement levels at $3.8 and below the 3/1 Gann Fan trendline , although it produced spikes lower.

After reaching the low at $2.6, VeChain recovered reaching the $7.1, and managed to break above the 61.8% Fibonacci retracement level, suggesting the validity of the uptrend. But now, VEN/USD is trading at the key support area , and the daily close below $4.7 would confirm the support and the Gann Fann trendline breakout. In this case, the price is likely to move down once again towards either $3.8, $2.4 or $1.27 support levels. 

However if VeChain will avoid daily close below $4.7, the price could continue moving higher and potentially hit the $10 psychological resistance level . In any case, the major trend is up, but the risk of further correction down remains.

Comment: Daily close was below support, further decline becomes more likely
Trade closed: target reached
Great chart and analysis, thank you for the perspective. When you say "daily close" that is relative yea? I mean the daily close for China isn't the same for the EU or US... So is there some amount of time below $4.7 that you would consider the trend line broken?
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