VeChain - still in its Symmetrical Triangle
VeChain is still within its massive Symmetrical Triangle on this 1d timeframe.
Note that VET is still ABOVE its Longterm Upwards trend-line.
Note that VET is back ABOVE its Least Squares Moving Average (LSMA) on this 1d timeframe.
VET is still below its Bollinger Bands Middle Band Basis 20 Period SMA. Note that the Lower Band is moving upwards indicating weakening volatility and a possible Bollinger Bands Squeeze/Pinch.
Volume on Binance has decreased and note that the last 4 Volume Bars have been below its Volume 20 Period Moving Average.
VET is back above its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 4 daily candles that i have selected.
VET is still below its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
If we look at the On Balance Volume (OBV) the OBV (Blue Line) has increased but note that it is still under its 9 Period EMA (Orange Line). If you are waiting for confirmation of renewed upwards momentum STRENGTH then you need the OBV (Blue Line) to cross back above the 9 Period EMA (Orange Line) and stay above it.
The Average Directional Index (ADX DI) is indicating the trend strength has increased with the ADX (Orange Line) at 32.49 and ABOVE its 9 Period EMA (Black Line) which is at 30.46. The -DI (Red Line) has increased to 26.70 and the +DI (Green Line) has dropped to 10.52. This tells me that Negative Momentum has increased and Positive Momentum has decreased on this 1d timeframe.
The Moving Average Convergence Divergence (MACD) is indicating VET still has a very long way to go on this 1d timeframe before we see the MACD Line (Blue Line) cross back over the Signal Line (Orange Line). Note that we do have lessoning Histograms but note that the MACD Line (Blue Line) is still under the 0.0 Base Line and it is still in the Negative Zone.
The ascending trend-Line of the Symmetrical Triangle is a major support level. If VET ends up dropping more, a good spot to buy extra VET would be around $0.076 - $0.069. I wouldn’t get excited until VET crosses and closes a daily candle back ABOVE the Descending trend-line of the Symmetrical Triangle and turns it into strong support. Also, be on the lookout for when the OBV (Blue Line) crosses back above the 9 Period EMA (Orange Line) as well as a CLOSE back ABOVE the Bollinger Bands Middle Band Basis on this 1d timeframe.
Here is a closer look at this 1d chart.
I hope this is helpful with your trading and hodl-ing.
Notes:
Symmetrical Triangle = Black Lines on Chart
Longterm Upwards Trend-line = Dashed Line on chart
LSMA = Black Squiggly Line on Chart
Bollinger Bands = Grey Bands on Chart
VPVR POC = Long Horizontal Red Line on Chart
VPFR POC = Short Horizontal red Line on Chart
Volume = Red and Green Bars bottom of Chart.
Volume MA = Orange Line going through Volume Bars bottom of Chart.
Note that VET is still ABOVE its Longterm Upwards trend-line.
Note that VET is back ABOVE its Least Squares Moving Average (LSMA) on this 1d timeframe.
VET is still below its Bollinger Bands Middle Band Basis 20 Period SMA. Note that the Lower Band is moving upwards indicating weakening volatility and a possible Bollinger Bands Squeeze/Pinch.
Volume on Binance has decreased and note that the last 4 Volume Bars have been below its Volume 20 Period Moving Average.
VET is back above its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 4 daily candles that i have selected.
VET is still below its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
If we look at the On Balance Volume (OBV) the OBV (Blue Line) has increased but note that it is still under its 9 Period EMA (Orange Line). If you are waiting for confirmation of renewed upwards momentum STRENGTH then you need the OBV (Blue Line) to cross back above the 9 Period EMA (Orange Line) and stay above it.
The Average Directional Index (ADX DI) is indicating the trend strength has increased with the ADX (Orange Line) at 32.49 and ABOVE its 9 Period EMA (Black Line) which is at 30.46. The -DI (Red Line) has increased to 26.70 and the +DI (Green Line) has dropped to 10.52. This tells me that Negative Momentum has increased and Positive Momentum has decreased on this 1d timeframe.
The Moving Average Convergence Divergence (MACD) is indicating VET still has a very long way to go on this 1d timeframe before we see the MACD Line (Blue Line) cross back over the Signal Line (Orange Line). Note that we do have lessoning Histograms but note that the MACD Line (Blue Line) is still under the 0.0 Base Line and it is still in the Negative Zone.
The ascending trend-Line of the Symmetrical Triangle is a major support level. If VET ends up dropping more, a good spot to buy extra VET would be around $0.076 - $0.069. I wouldn’t get excited until VET crosses and closes a daily candle back ABOVE the Descending trend-line of the Symmetrical Triangle and turns it into strong support. Also, be on the lookout for when the OBV (Blue Line) crosses back above the 9 Period EMA (Orange Line) as well as a CLOSE back ABOVE the Bollinger Bands Middle Band Basis on this 1d timeframe.
Here is a closer look at this 1d chart.
I hope this is helpful with your trading and hodl-ing.
Notes:
Symmetrical Triangle = Black Lines on Chart
Longterm Upwards Trend-line = Dashed Line on chart
LSMA = Black Squiggly Line on Chart
Bollinger Bands = Grey Bands on Chart
VPVR POC = Long Horizontal Red Line on Chart
VPFR POC = Short Horizontal red Line on Chart
Volume = Red and Green Bars bottom of Chart.
Volume MA = Orange Line going through Volume Bars bottom of Chart.
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