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Vechain finding support again, & looking great
I've been following Vechain for a while now and fundamentally it's an astounding business - 250+ partnerships amongst which projects to e.g. put the supply chain of BMW right into the blockchain.
Quick post on the technicals + note that you can find my previous posts on Vechain here below in the "link to related ideas".
Recently, Vechain broke the long term support and the cup & handle formation, but I think this is mostly a temporary anomaly / perhaps have to redraw the cup-part.
In any case, price fell out of that pattern so it could touch and find the support on the horizontal 50% Fibonacci level (light green horizontal). The point where this happened was also exactly on the 61,8% Fibonacci speed resistance line (the diagonal depicted with a 0.618 next to it).
Since then, we already moved back above the long term support line and we are confirming support there.
Indicators are oriented bullishly (MACD; RSI) and fundamentals tell no other story. Our called-out "TRUE" buy moment, has not let us down, and we will see new gains soon. Especially if one considers the giant triangle formation Vechain is about to break from either direction. So, it is definitely time to keep an eye out on this one.
Quick post on the technicals + note that you can find my previous posts on Vechain here below in the "link to related ideas".
Recently, Vechain broke the long term support and the cup & handle formation, but I think this is mostly a temporary anomaly / perhaps have to redraw the cup-part.
In any case, price fell out of that pattern so it could touch and find the support on the horizontal 50% Fibonacci level (light green horizontal). The point where this happened was also exactly on the 61,8% Fibonacci speed resistance line (the diagonal depicted with a 0.618 next to it).
Since then, we already moved back above the long term support line and we are confirming support there.
Indicators are oriented bullishly (MACD; RSI) and fundamentals tell no other story. Our called-out "TRUE" buy moment, has not let us down, and we will see new gains soon. Especially if one considers the giant triangle formation Vechain is about to break from either direction. So, it is definitely time to keep an eye out on this one.
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