VLXUSDT Bullish long-term but has to weather some 1H volatility

KUCOIN:VLXUSDT   Velas / Tether
This idea is an update to last week's 4H analysis on Velas (VLXUSDT):

What's new is that the 1.5 Fibonacci extension level and Resistance 1 (0.2900) haven been hit. That opens the way for the next Resistance level of 0.3350 and the 2.0 Fibonacci extension. Another positive development is that the rebound for the break-out sequence took place on the former Lower Highs trend-line of the January 13 High. That is a strong indication that this rally is based on continuous buying accumulation.

This time I want to bring light on the 1H time-frame as well (right side of the screen), as Velas has to overcome the short-term volatility created by a symmetrical Higher Highs/ Higher Lows pattern. As you see the price pumps and then corrects. Right now the 1H Ichimoku has turned red but the 1H MA50 (blue trend-line) is supporting. If it fails, expect a pull-back towards the Higher Lows trend-line around 0.2300 - 0.2250. On the other hand, the invalidation line is on the previous high at 0.2550. A break means that the trends turns bullish again towards 0.3000 and the 0.3350 in succession.

Overall we consider Velas a great long-term investment with one of the highest potentials in the market.


** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **


👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)

💰Free Channel

🔥Trusted broker AMarkets:

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.