Cryptocurrency Practice #2
1. Weekly ATR at lows.
2. Chinese buyers slowly rising for cryptocurrency and Vechain is on their sights thus creating a huge rise in volume from the past weeks.
3. Bounced from monthly oversold area.
4. Confluences with eventual BTCUSD rise.
5. It is looking to break from year long trend-line and CAM R4 breakout levels.
After breaking through the horizontal channel that existed for about 7 months, the coin formed a downtrend that has existed for more than 3 months. A falling wedge that could become a reversal pattern. The first target on the figure + 60%. Further on the situation, the price on the pump can reach the previous support of the horizontal channel which has now...
As you see after i called the top on vechain it dropped %40.
Now it is in short area again. And i am going to short again. Nice risk to reward. It should retrace more according to some fundamentals. Follow, like and share for more...
The VeChain chart on the weekly has a nice double bottom.
Also a cup form and the handle is forming.
When this happens and the neckline breaks.
It can run up to double the price at least, or into the next value area, wich might be the previous all time highs.
The tech behind VeChain also looks very promising and the adoption is going well also with China.
As you see vechain hit the golden zone, and probably doing some corrective moves. I am gonna watch it. And let you know. If you missed the train wait for the train comes to you, dont jump in to it.
If price act like correction i am gonna be shorter. Lets watch together.
This is not a financial advice. Follow and share for more.
As you can see, buyers on the ACC/DIST Indicator now match patterns set in July 2019, before the dump. However Vechain is in a much stronger position this time round, to avoid this scenario playing out again.
I recently posted my 100 day forecast of VET, in this I stated that VET would continue it's downtrend in no great detail.
Here is a deeper analysis of why I initially thought this. Based on the facts i see.
Now if you look at the one day chart over the past 211 days you will see here I have established the historical trend lines.
Please note that the...
ACC/DIST (-152mil 30th July '18, -5.4B today) is a strong indicator that Vechain Thor will continue it's downward trend into the near future. Also moving average against the USD is showing strong volatility.
On a positive note, China's big announcement during the week that it will be delving into the blockchain world. Created a positive spike in volume for VET...
Vechain is at the critical point right now where I believe if we break up above 42 Satoshi Vet will have a huge rally for upcoming months.
Reasons to enter:
1. Massive Falling Wedge on the weekly and VET at the bottom of its boundaries.
2. Bullish RSI divergence on Daily. Bears are losing steam.
3. Selling volume is decreasing.
4. Great R/R for long term...
That accumulation is getting a mini curve now.. For those who are interested this is probably a good place to begin stacking for a pump to a penny.
Bets should be held up to March 2020
A good return here.