VeChain (VENBTC) - Falling wedge
Updated
I am still new at this. The dotted line is an estimation of the longterm trendline for VEN. It seems like the overall pattern is a bullish one, and there was a huge selloff after the rebranding announcement.
The decrease that has ensued seems to be taking the shape of a falling wedge, which is bullish according to my understanding . RSI is quite oversold, suggesting that it may soon be time to reverse. However, a "death cross" of the short term (50) and longer term (200) EMA's seems to be imminent - a clear bearish sign.
Given the compression in that wedge, I imagine we are looking for a breakout in either direction shortly. The red horizontal dashed line is the price at which the last bounce occurred on February 6, so it will hopefully be a site where action may take place, and give us an indication of the direction.
I am quite interested to hear anybody's thoughts on this idea.
The decrease that has ensued seems to be taking the shape of a falling wedge, which is bullish according to my understanding . RSI is quite oversold, suggesting that it may soon be time to reverse. However, a "death cross" of the short term (50) and longer term (200) EMA's seems to be imminent - a clear bearish sign.
Given the compression in that wedge, I imagine we are looking for a breakout in either direction shortly. The red horizontal dashed line is the price at which the last bounce occurred on February 6, so it will hopefully be a site where action may take place, and give us an indication of the direction.
I am quite interested to hear anybody's thoughts on this idea.
Note
Note
So, we had our breakout and it was to the upside. However, the crossing of the two EMAs above is likely to offer considerable resistance, so there is a bit of room for upward movement, but not much until that resistance is encountered. It seems like we have some support at the 0.00046 level, and it has bounced there once. We had decent volume on the original bounce, but volume has not been encouraging since then, so we are not out of the woods yet.THIS IS NOT INVESTMENT ADVICE!
Note
Nearing the support zone where it originally bounced. Alts are down in the face of the rising bitcoin. I don't think this will wind up breaking the support around the ~43 level, but will have to see. Some sideways trading expected?
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