VeChain - Potential Breakout of an Ascending Triangle

29 мар. 2021 г.

VeChain Update:

VeChain is in an Ascending Triangle Pattern on the 4hr chart. An Ascending Triangle Pattern has a very, very high probability of being a continuation pattern in a trend……… that’s a continuation of an UPTREND. The breakout could happen soon or the triangle could be pushed out longer for a longer period of consolidation.

Volume is low within the Ascending Triangle Pattern. We need to see increasing buyer volume on the breakout to confirm the renewed upwards direction. If the breakout is on low volume then it will be a false breakout and the price will potentially drop back within the pattern.

VET has found very strong support from its Ascending Triangle Pattern Trendline.

VET is above its Bollinger Bands Middle Band Basis which is a 20 Period SMA. The Bollinger Bands Upper Band and Lower Band are pinching inwards indicating volatility is still slowing.

RSI is indicating Momentum is sideways.

The ADX DI SMA is indicating that VET is still in an uptrend, but its a weak uptrend with the ADX (Yellow Line) at 14.4 below its 10 Period SMA (White Line) at 15.4. The + DI (Green Line) at 16.4 and still above its -DI (Red Line) which is at 11.9. A weak trend is to be accepted when there is a period of consolidation.

VET is pushing hard to get above its Volume Point of Control (POC) which i believe it will do after it has chipped away at the shorts. Ideally, we need to close this or the next 4hr candle above the Volume Point of Control (POC).

VeChain is looking absolutely fantastic and it looks like it is potentially poised for another breakout. VeChain is a crypto with a client base that would make any corporate jealous with envy. VeChain has completely gone under the radar of most and i feel it is still the most criminally undervalued crypto ever, but the way VeChain has been moving the last couple of months, it may not be so undervalued for much longer!

I hope this is helpful with your Trading or Hodl-ing. Good Luck 👍🔥🚀🌍🌔🪐

30 мар. 2021 г.

Заметка

UPDATE:



VeChain did not break out of its old Ascending Triangle pattern, Instead it ranged sideways and pushed out the Ascending Triangle into a longer potential Pattern.

RSI still indicating Momentum is Sideways.

Price is still trying to make it across its Volume Point of Control (POC)

ADX DI SMA is till indicating the trend is very weak with the ADX (Yellow Line) at 9.4 below its 10 Period SMA (White Line) which is at 13.4. The -DI (red Line) is at 12.78 slightly above its +DI (Green Line) which is at 12.73 so it can easily change back to positive.

The Bollinger Bands Pinch that we had yesterday has turned into a potential Bollinger Bands Squeeze indicating consolidation. We also need to close back above our Bollinger Bands Middle Band Basis.

We may see more potential sideways ranging and pushing out the Ascending Triangle into a longer Pattern until a potential breakout or until it gets invalidated by a 4hr candle closing below the upwards trendline.

For me, its a good thing it hasn't broken out just yet, as its pay day tomorrow and i want to acquire more before VET closes over the $0.1 mark.

I hope this is helpful 🔥🚀🌍🌔🪐