VeChain 1D chart update using the 20,60,120,30 Ichimoku Cloud Settings:
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating that the mid point of the short-term momentum is sideways.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating that the mid point of the mid-term momentum is sideways.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum at the moment is upwards. Note that the Lagging Span (Chikou Span) is way above the price from 30 Periods ago.
Note that VET is inside the Ichimoku Cloud Equilibrium Zone for this 1D timeframe.
VET is above its Volume Profile Visible Range Point of Control (VPVR POC) for this chart’s visible range.
VET is above its Volume Profile Fixed Range Point of Control (VPFR POC) for this chart’s fixed range i have selected.
Volume is still relatively low for this 1D timeframe and notice that the last 4 Volume Bars have been below its Volume 20 Period Moving Average.
Note that VET is still safely above its longterm upwards Trend-line.
VET is in a triangle pattern so be on the lookout for which direction VET may break out from, at the moment it looks like VET will break upwards. VET has found some resistance from its triangle descending line.
VET is above its Bollinger Bands Middle Band Basis 20 Period SMA for this 1D timeframe. Note that the Lower BB is moving upwards and the Upper BB is moving sideways, this shows me that we may see a bit of consolidation and also that VET still has a lot room to move up before volatility becomes overextended.
The Average Directional Index (ADX DI) is indicating the trend is sideways with the ADX (Orange Line) at 46.99 and still above its 9 Period EMA (Black Line) which is at 46.47. The +DI (Green Line) is sideways at 23.03 and the -DI (Red Line) is at 8.41. Note that the +DI (Green Line) is sideways and the -DI (Red Line) is pointing downwards, this indicates that while Positive Momentum is sideways, Negative Momentum has dropped for this 1D timeframe. Please be aware that if the ADX (Orange Line) drops below the 9 Period EMA (Black Line) then we will may see a price drop on this 1D timeframe.
The Relative Strength Index (RSI) is also indicating momentum is upwards at the moment. Note that the RSI (Purple Line) has just crossed back above its 9 Period EMA (Orange Line) which is a good sign of upwards strength for this 1D timeframe. Note that the RSI (Purple Line) still has room to move up before entering the Overbought Zone on this 1D timeframe. Note that being in the Overbought Zone doesn't mean the price will drop as the RSI (Purple Line) can go up, down and also range sideways in the Overbought Zone for a prolonged period of time.
If you are LONG and need to wait for confirmation of renewed upwards momentum then a successful close above the Potential Resistance Line and retest of that as support is crucial. If you use the Ichimoku Cloud System as your confirmation then you will wait for the price to break above the Leading Span B (Senkou Span B) resistance into the Bullish Zone and a successful retest of the Leading Span B (Senkou Span B) as support, FULL Bullish Confirmation for this 1D timeframe will be when the Leading Span A (Senkou Span A) crosses back above the Leading Span B (Senkou Span B) creating a new Bullish Green Cloud (Kumo) for this 1D timeframe.
Using this system I’ve posted, if VET cannot make it above its Resistance Area and drops, it will find potential support from its Conversion Line (Tenkan Sen), Base Line (Kijun Sen), its Potential Support Area and also the Leading Span A (Senkou Span A) support level. There are other timeframes with many other support & resistance levels to take into account but I’m just focusing on the 1D timeframe for this post.
This chart may seem messy to some and there is a lot going on, but as I’ve stated before, my charts are more TA educational instead of price predication, so hopefully I’ve succeeded in explaining to you what information each indicator is actually showing us.
All in all, depending on what BTC does, VeChain is looking really good.
I hope this is helpful with your trading and hodl-ing.
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating that the mid point of the short-term momentum is sideways.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating that the mid point of the mid-term momentum is sideways.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum at the moment is upwards. Note that the Lagging Span (Chikou Span) is way above the price from 30 Periods ago.
Note that VET is inside the Ichimoku Cloud Equilibrium Zone for this 1D timeframe.
VET is above its Volume Profile Visible Range Point of Control (VPVR POC) for this chart’s visible range.
VET is above its Volume Profile Fixed Range Point of Control (VPFR POC) for this chart’s fixed range i have selected.
Volume is still relatively low for this 1D timeframe and notice that the last 4 Volume Bars have been below its Volume 20 Period Moving Average.
Note that VET is still safely above its longterm upwards Trend-line.
VET is in a triangle pattern so be on the lookout for which direction VET may break out from, at the moment it looks like VET will break upwards. VET has found some resistance from its triangle descending line.
VET is above its Bollinger Bands Middle Band Basis 20 Period SMA for this 1D timeframe. Note that the Lower BB is moving upwards and the Upper BB is moving sideways, this shows me that we may see a bit of consolidation and also that VET still has a lot room to move up before volatility becomes overextended.
The Average Directional Index (ADX DI) is indicating the trend is sideways with the ADX (Orange Line) at 46.99 and still above its 9 Period EMA (Black Line) which is at 46.47. The +DI (Green Line) is sideways at 23.03 and the -DI (Red Line) is at 8.41. Note that the +DI (Green Line) is sideways and the -DI (Red Line) is pointing downwards, this indicates that while Positive Momentum is sideways, Negative Momentum has dropped for this 1D timeframe. Please be aware that if the ADX (Orange Line) drops below the 9 Period EMA (Black Line) then we will may see a price drop on this 1D timeframe.
The Relative Strength Index (RSI) is also indicating momentum is upwards at the moment. Note that the RSI (Purple Line) has just crossed back above its 9 Period EMA (Orange Line) which is a good sign of upwards strength for this 1D timeframe. Note that the RSI (Purple Line) still has room to move up before entering the Overbought Zone on this 1D timeframe. Note that being in the Overbought Zone doesn't mean the price will drop as the RSI (Purple Line) can go up, down and also range sideways in the Overbought Zone for a prolonged period of time.
If you are LONG and need to wait for confirmation of renewed upwards momentum then a successful close above the Potential Resistance Line and retest of that as support is crucial. If you use the Ichimoku Cloud System as your confirmation then you will wait for the price to break above the Leading Span B (Senkou Span B) resistance into the Bullish Zone and a successful retest of the Leading Span B (Senkou Span B) as support, FULL Bullish Confirmation for this 1D timeframe will be when the Leading Span A (Senkou Span A) crosses back above the Leading Span B (Senkou Span B) creating a new Bullish Green Cloud (Kumo) for this 1D timeframe.
Using this system I’ve posted, if VET cannot make it above its Resistance Area and drops, it will find potential support from its Conversion Line (Tenkan Sen), Base Line (Kijun Sen), its Potential Support Area and also the Leading Span A (Senkou Span A) support level. There are other timeframes with many other support & resistance levels to take into account but I’m just focusing on the 1D timeframe for this post.
This chart may seem messy to some and there is a lot going on, but as I’ve stated before, my charts are more TA educational instead of price predication, so hopefully I’ve succeeded in explaining to you what information each indicator is actually showing us.
All in all, depending on what BTC does, VeChain is looking really good.
I hope this is helpful with your trading and hodl-ing.