On a 4 hour time frame, it is clearly visible that VITE is moving in an upward trend. On a much smaller time frame we could see that VITE, after scoring a ATH close so 0.249, is now struggling to a bit.
Currently it is being supported by EMA 25 and hopefully it will continue to do so. If EMA25 misses to support VITE, then we might have to be ready for a fall.
Looking at the trend there are two scenarios:
Scenario 1 (Red path) - VITE to bounce off from EMA 25 and then break existing ATH . If it fails to break current ETH, then we might be potentially looking at VITE forming a double top . But it is too early to say.
Scenario 2 (Green path) - If EMA 25 doesn't support VIT then it can potentially break small time frame upward channel (Yellow area) and can take support on green dashed line (yet to be validated).
In a way next couple of hours are crucial to determine which way is VITE heading.
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NOTE: These are my personal notes and in no way is a financial advice. Do your own research and Trade wisely.
Currently it is being supported by EMA 25 and hopefully it will continue to do so. If EMA25 misses to support VITE, then we might have to be ready for a fall.
Looking at the trend there are two scenarios:
Scenario 1 (Red path) - VITE to bounce off from EMA 25 and then break existing ATH . If it fails to break current ETH, then we might be potentially looking at VITE forming a double top . But it is too early to say.
Scenario 2 (Green path) - If EMA 25 doesn't support VIT then it can potentially break small time frame upward channel (Yellow area) and can take support on green dashed line (yet to be validated).
In a way next couple of hours are crucial to determine which way is VITE heading.
If you like my analysis then do send your support using LIKE button and dropping a COMMENT. Also do SHARE it with your friends.
And don't forget to smash that FOLLOW button to get daily analysis on different crypto currencies.
NOTE: These are my personal notes and in no way is a financial advice. Do your own research and Trade wisely.
Trade closed: target reached:
As expected, VITE broke upward trend and now using Green dashed line as a support line