I received multiple messages about VeChain (VETBTC), showing that there is good interest in this altcoin pair/project. So allow me to read the charts for you, I am hoping that you are entertained and learn something from this content... Let's get started!
VeChain (VETBTC) Chart Analysis by Alan Masters
Let's start by taking a closer look at the VeChain chart:
First we can see the new All-Time Low on Binance was hit on the 8th of August. There is no strong bounce nor a big increase in volume when this low was hit, so VET might go lower.
We can see VETBTC trading within a falling wedge, which is marked with a purple dashed line. Here I draw the most likely path in red. Trading below EMA10 (bearish potential).
The RSI hit oversold and is trading on the mid-thirties, looking weak.
We have plenty of bearish signals while many altcoins are starting to show bullish charts... VETBTC might need more time before it starts to turn.
The MACD and RSI are showing bullish divergence.
So we have mostly bearish signals coming out of this chart, so we can expect for VETBTC to move lower.
Conditions for change: If VETBTC can move up and close above 48 satoshis with good strength and volume, the above signals become invalid and a new analysis is needed.
Hello, I read your wonderful and instructive analysis, thanks for sharing with us however, I have a question. Before drawing this chart did you take notice about the buyback? Because, until the end of the September the foundation has to buy back 4 million 200 thousand dollars VET from open markets. That's why I am still holding VET since what is your opinion about that?
Best regards,
AlanSantana
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@UfukDogan, I didn't take it into consideration, we focus mainly on Technicals...
Namaste.
ribi
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@UfukDogan, hello, sell all of this shitcoin and bay back at 20 satoshi. and have in mind that this is shitcoin from china its purpose is not to increase in value, buth adoption.
Best regards,