VeChain - 1 day chart update
Note that VeChain (VET) is still in a longterm uptrend.
Using the Ichimoku Cloud settings of 20,60,120,30, but note I’m only using the cloud portion, we can clearly see that VET is still in the Bullish Zone of the Ichimoku Cloud.
VET is BELOW is Bollinger Bands Middle Band Basis 20 period SMA.
Note that the Upper and Lower Bollinger Bands are starting to contract and pinch inwards.
Looking at the Schiff Pitchfork Pattern (A,B,C), note that VET is still ABOVE its Schiff Pitchfork Median Line. A continuation of daily closes ABOVE this level is absolutely crucial.
VET is BELOW its Least Squares Moving Average (LSMA) for this 1d timeframe. A close below the LSMA is a potential sell signal for this indicator, so be on the lookout for when VET crosses & closes back above the LSMA.
VET is back ABOVE its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 10 daily candles that i have selected.
VET is still ABOVE its Volume Profile Visible Range Point of Control (VPVR POC) for this chart's visible range.
The Average Directional Index (ADX DI) is indicating the trend strength has dropped with the ADX (Orange Line) at 22.08 and is below its 9 Period EMA (Black line) which is at 25.17. The +DI (Green Line) has dropped to 17.90 but is still above its -DI (Red Line) which has also dropped to 17.11. This indicates Positive Momentum is still stronger than Negative Momentum on this 1d timeframe. Note that both the -DI (Red Line) and +DI (Green Line) have now turned sideways.
The OnBalanceVolume (OBV) is indicating momentum is sideways at the moment. Note that the OBV (Blue Line) is back ABOVE its 9 Period EMA (Orange Line) indicating a strengthening of positive momentum.
Fist port of call is for VET to cross and CLOSE back ABOVE its BB Middle Band Basis and LSMA on this 1d timeframe. So long as BTC behaves herself and continues closing above the daily chart 50EMA then we may see a more sideways ranging with VET before the next move up. Hopefully now with the release of POA2.0 well see VeChain eventually added onto more exchanges that will help dampen any Binance BTC Longs Futures liquidations.
I hope this is helpful with your trading and hodl-ing.
Notes:
Bollinger Bands = Grey Bands on chart
LSMA = Black squiggly line on chart
VPFR POC = Short horizontal red line on chart
VPVR POC = Long horizontal red line on chart
Trend-lines = Ascending & Descending dashed black lines.
Using the Ichimoku Cloud settings of 20,60,120,30, but note I’m only using the cloud portion, we can clearly see that VET is still in the Bullish Zone of the Ichimoku Cloud.
VET is BELOW is Bollinger Bands Middle Band Basis 20 period SMA.
Note that the Upper and Lower Bollinger Bands are starting to contract and pinch inwards.
Looking at the Schiff Pitchfork Pattern (A,B,C), note that VET is still ABOVE its Schiff Pitchfork Median Line. A continuation of daily closes ABOVE this level is absolutely crucial.
VET is BELOW its Least Squares Moving Average (LSMA) for this 1d timeframe. A close below the LSMA is a potential sell signal for this indicator, so be on the lookout for when VET crosses & closes back above the LSMA.
VET is back ABOVE its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 10 daily candles that i have selected.
VET is still ABOVE its Volume Profile Visible Range Point of Control (VPVR POC) for this chart's visible range.
The Average Directional Index (ADX DI) is indicating the trend strength has dropped with the ADX (Orange Line) at 22.08 and is below its 9 Period EMA (Black line) which is at 25.17. The +DI (Green Line) has dropped to 17.90 but is still above its -DI (Red Line) which has also dropped to 17.11. This indicates Positive Momentum is still stronger than Negative Momentum on this 1d timeframe. Note that both the -DI (Red Line) and +DI (Green Line) have now turned sideways.
The OnBalanceVolume (OBV) is indicating momentum is sideways at the moment. Note that the OBV (Blue Line) is back ABOVE its 9 Period EMA (Orange Line) indicating a strengthening of positive momentum.
Fist port of call is for VET to cross and CLOSE back ABOVE its BB Middle Band Basis and LSMA on this 1d timeframe. So long as BTC behaves herself and continues closing above the daily chart 50EMA then we may see a more sideways ranging with VET before the next move up. Hopefully now with the release of POA2.0 well see VeChain eventually added onto more exchanges that will help dampen any Binance BTC Longs Futures liquidations.
I hope this is helpful with your trading and hodl-ing.
Notes:
Bollinger Bands = Grey Bands on chart
LSMA = Black squiggly line on chart
VPFR POC = Short horizontal red line on chart
VPVR POC = Long horizontal red line on chart
Trend-lines = Ascending & Descending dashed black lines.
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