VeChain Parabola Resistance |2.618 Fib Target|Increasing Volume

11. Juni 2020

Evening Traders,

Todays Analysis – VeChain- trading above its macro double top resistance, the next logical target, daily resistance.

Points to consider,
- Structural Resistance Breached (Double Top)
- 2.618 Fibonacci Target (Daily Resistance Confluence)
- Valid Parabola (Strong Bull Impulses)
- Increasing Volume (Volume Climax Node, Temporary Top)
- Oscillators Over Extended (No Divergences)


VeChain has put in a Technical Higher High by taking out its Double Top, confirmation will be on the next candle close.

The next probable target is the 2.618 Fibonacci Extension, which is in confluence with the Daily Resistance.

VeChains trend has multiple bull impulses, a clear sign of being in a parabola. A volume climax node will indicate a Temporary Top being set, likely to happen at Technical Targets.

Oscilators are over extended but with no valid divergence, further development will give us a directional bias.

Overall, in my opinion, VeChain is likely to test at least the 2.618 Fibonacci Extension, a volume climax node will indicate a temporary top.

What are your thoughts?

Please leave a like and comment,

And remember,

“You become fearful the moment you identify with fear. But once you begin seeing it as an impersonal changing phenomenon, you become free.”
― Yvan Byeajee