After some previous ideas of trying to find the bottom with Vechain, I've decided to wait until a better set up arrives. Now that we've been waiting for some time now, we now have a lot of different patterns that could potentially give us a Blue Sky Breakout, one of the most fun breakout patterns in a ticker.
Some of the patterns are a broadening top pattern, something that is similar to the SPX, this could either mean life or death for a ticker but in this case we have a bullish Falling Wedge pattern that gives us confluence that this broadening top pattern could be used as a bullish setup. This will mean that we need to watch resistance breakouts at 0.023 to 0.0267 levels to confirm this case. Another bullish confluence is the nice bounce off the monthly trendline and CAM R4, a bounce off CAM R4 is a big telltale sign of bullish continuation which adds on to the breakout of the falling wedge pattern.
If these bullish patterns are confirmed then we'll be able to see a fun ride above the blue sky breakout levels. I will also keep an eye on other VET pairs, more importantly VETBTC and VETETH.
Leave a like/comment if this idea helped you at all! I am not a financial advisor, trade at your own risk.
Comment
⋅
The wave shown is not based on Elliot Waves, just a wave I see happening based on the falling wedge target, and resistance/support price action.
Comment
⋅
Bounced off trend line, looks ready to go!
Comment
⋅
Breakout confirmed, bounced off trendline perfectly. Get ready for a fun ride.
Comment
⋅
Volume has increased A LOT since that drop. It may finally be ready now. BTC Dominance chart is on major resistance as well.
Comment
⋅
Faked out of wedge, when price fakes out it usually dramatically moves the opposite direction. Get ready for a ride.
Comment
⋅
Up around +105% on this trade, good job!
Comment
⋅
Home run trade... taking profit around 0.044 and letting my long term bags run.