A is considered as a reversal pattern and often forms at the bottoms of markets. This is likely to lead for direction change for the trend as it bounced rather strongly from the 0.786 fibonacci level where the previous is also located at.
We posted trading signal for this market with profit & stop-loss targets in our free telegram channel. It has already yielded +3.00% profit. (Signal was posted in February 6th ).
The price has already reached the next which is formed by 0.003796 and MA50.
TIP: When a market is showing a large green candle it may not be the best time to buy unless you have a good strategy for it. Pull backs tends to give more trading opportunities with lesser risks.
However if you are considering buying against a large green candle then should be monitored to confirm strength of the breakout and bulls.
Rejection likely to lead to test the previous support levels.
What if the price starts breaking out from the resistance zone?
There are two strategies that can be used with breakout.
1) You can buy the breakout itself (with confirmed signals)
2) or retest of the breakout level.
The larger picture & Conclusion
As long as the price of Vechain keeps moving inside of the bigger symmetrical triangle then there's going to be plenty of new trading opportunities to watch for. We believe that the price is going to consolidated towards the apex before moving further upwards. So keep in mind that finding optimal accumulating levels requires patience and planning before hand.
A successful break out can lead the market towards the next and which should act as the next target level for profit taking. This level can be found next to 0.618 fibonacci level, MA100, MA200 and Diagonal resistance of the (big).
If you come up with any questions feel free to ask!
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.