Price has been fluctuating along this channel for the past month with continued momentum.
Price is currently finding resistance under -27% after testing the lower TL and 0% Line. Seeing how strong the TL has been in the past we can either expect price to continue to appreciate and break the new ATH or continue to test the lower TL a few more times, after which it will break the ATH. Regardless, from an investing and trading perspective this is a good area to go long....if you're not already in.
Fundamentally VeChain has a solid use and is a familiar name within the Crypto Community. Also it has endured the BTC dumps.
Reasons not to enter yet:
1. Bearish momentum evident in the two red candles, regardless of price rejection at the lower TL.
2. Bitcoin is under bearish pressure, and while VET may not take a big hit, being in cash would be the safest move.
3. Previously price has tested the TL multiple times before ascending, currently there is only 1 wick on the test.
4. Looking at the previous candles, VET hasnt had such a strong bearish volume move since 1 month ago. Therefore this could suggest the start of a bigger retracement.
Price is currently finding resistance under -27% after testing the lower TL and 0% Line. Seeing how strong the TL has been in the past we can either expect price to continue to appreciate and break the new ATH or continue to test the lower TL a few more times, after which it will break the ATH. Regardless, from an investing and trading perspective this is a good area to go long....if you're not already in.
Fundamentally VeChain has a solid use and is a familiar name within the Crypto Community. Also it has endured the BTC dumps.
Reasons not to enter yet:
1. Bearish momentum evident in the two red candles, regardless of price rejection at the lower TL.
2. Bitcoin is under bearish pressure, and while VET may not take a big hit, being in cash would be the safest move.
3. Previously price has tested the TL multiple times before ascending, currently there is only 1 wick on the test.
4. Looking at the previous candles, VET hasnt had such a strong bearish volume move since 1 month ago. Therefore this could suggest the start of a bigger retracement.
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
