Hey, friends hope you are well and welcome the new update on the Vechain coin. In this video you will watch how:
On a long term weekly chart the priceline is retraced between 0.50 to 0.618 Fibonacci retracement. Before this correction, the price action of VET broke out the Ichimoku cloud with powerful bullish rally. Now it is retesting the 25 SMA as well.
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On the daily time period chart, the priceline is moving in a falling wedge pattern Vechain. Recently price action is rejected by the resistance of wedge and moving down. The volume profile is showing the weak interest of traders at the support of the wedge pattern. The moon phases indicator is also showing a new full moon above the resistance. Therefore there are chances of a breakout after a correction.
On the daily chart, the EMA 10 and 20 are in the bear cross. The stochastic and macd are weak bullish. When all three indicators will turn strong bullish then we can expect another rally to the upside.
The pricline is likely to move down to re-rest support at $0.011. The next resistance levels are $ 0.015, $ 0.018, and $ 0.021 respectively.
Conclusion:
The priceline is moving down after rejection by the resistance of the wedge. But before support of the wedge, we also have the strong support of $0.011. Therefore the priceline can retest this support and start the next rally for an attempt to break out from the resistance of the wedge.
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