VET - weekly chart analysis
VET has broken back ABOVE its massive Symmetrical Triangle and has so far successfully tested it as support on this 1w timeframe. VET needs to 110% CLOSE this weekly candle ABOVE the Descending Trend-line of the Symmetrical Triangle.
Note that VET is still safely above its Longterm Upwards Trend-line (Ascending Dashed Line) on this 1w timeframe.
VET is still above its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. Note that VET has room to move up before hitting the Bollinger Bands Upper Band on this 1w timeframe.
VET is still above its Least Squares Moving Average (LSMA) for this 1w timeframe. For this indicator, ABOVE the LSMA is a potential ‘BUY’ and BELOW the LSMA is a potential “SELL’.
Note that VET is still above its Volume Profile Fixed Range POC for the fixed range of 5 weekly candle that i have selected.
Note that Volume has increased slightly but note that the Volume Bars are still Below its Volume 20 Period MA.
I have added various support and resistance areas on this chart and you can clearly see the interaction with theses area. Note that VET has found some resistance from its first resistance line.
The Average Directional Index (ADX DI) is indicating that the trend strength is sideways but strong with the ADX (Orange Line) at 22.69. Note that the 9 Period EMA is above the ADX at 25.38 but is dropping. The +DI (Green Line) has dropped slightly to 21.79 but the -DI (Red Line) has also dropped slightly to 14.34. This indicates both positive and negative momentum has dropped slightly. We will potentially see a massive move upwards if the ADX (Orange Line) crosses back above the 9 Period EMA (Black Line) if the +DI (Green Line) is still above and moving away from the -DI (Red Line) on this 1w timeframe.
The OnBalanceVolume (OBV) is indicating momentum is sideways within a range. Note that the OBV (Blue Line) has crossed back above the 9 Period EMA (Orange Line) indicating upwards strength on this 1w timeframe.
The Moving Average Convergence Divergence (MACD) is indicating that we have had the MACD Line (Blue Line) cross back ABOVE the Signal Line (Orange Line) on this 1w timeframe. Note that the MACD is still in the Positive Zone above the 0.0 Base Line and note that we have had our first proper Green Histogram for the first time in 7 weeks.
I have also added a Trend-Based Fib Extension to show some potential FIB levels if VET continues the upwards trajectory on this 1w timeframe.
VET is also in a very thin Rising Wedge Pattern. VET needs to invalidate this bearish pattern by breaking back above it and successfully testing it as support on this 1w timeframe. What is interesting is that the Rising Wedge takes us right up to the 4.236 Fib Level at $0.5147. This is something to keep an eye on on this 1w chart.
Note that this chart is looking at the longterm without taking into account what is happening on lower timeframes, which you should be watching & analysing as well. All in all, VeChain is looking great so it should be an interesting couple of weeks for VET providing BTC behaves herself.
I hope this is helpful with your trading and hodl-ing.
Notes:
Bollinger Bands = Grey Bands on chart
LSMA = Blue squiggly line on chart
VPFR POC = Short horizontal red line on chart
VPVR POC = Long horizontal red line on chart
50EMA = Yellow squiggly line on chart
Symmetrical Triangle = Converging ascending and descending black lines
Rising Wedge = Ascending converging dotted lines
Longterm upwards Trend-line = Ascending dashed black line.
Support and resistance areas = Horizontal black lines with yellow shading
Note that VET is still safely above its Longterm Upwards Trend-line (Ascending Dashed Line) on this 1w timeframe.
VET is still above its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. Note that VET has room to move up before hitting the Bollinger Bands Upper Band on this 1w timeframe.
VET is still above its Least Squares Moving Average (LSMA) for this 1w timeframe. For this indicator, ABOVE the LSMA is a potential ‘BUY’ and BELOW the LSMA is a potential “SELL’.
Note that VET is still above its Volume Profile Fixed Range POC for the fixed range of 5 weekly candle that i have selected.
Note that Volume has increased slightly but note that the Volume Bars are still Below its Volume 20 Period MA.
I have added various support and resistance areas on this chart and you can clearly see the interaction with theses area. Note that VET has found some resistance from its first resistance line.
The Average Directional Index (ADX DI) is indicating that the trend strength is sideways but strong with the ADX (Orange Line) at 22.69. Note that the 9 Period EMA is above the ADX at 25.38 but is dropping. The +DI (Green Line) has dropped slightly to 21.79 but the -DI (Red Line) has also dropped slightly to 14.34. This indicates both positive and negative momentum has dropped slightly. We will potentially see a massive move upwards if the ADX (Orange Line) crosses back above the 9 Period EMA (Black Line) if the +DI (Green Line) is still above and moving away from the -DI (Red Line) on this 1w timeframe.
The OnBalanceVolume (OBV) is indicating momentum is sideways within a range. Note that the OBV (Blue Line) has crossed back above the 9 Period EMA (Orange Line) indicating upwards strength on this 1w timeframe.
The Moving Average Convergence Divergence (MACD) is indicating that we have had the MACD Line (Blue Line) cross back ABOVE the Signal Line (Orange Line) on this 1w timeframe. Note that the MACD is still in the Positive Zone above the 0.0 Base Line and note that we have had our first proper Green Histogram for the first time in 7 weeks.
I have also added a Trend-Based Fib Extension to show some potential FIB levels if VET continues the upwards trajectory on this 1w timeframe.
VET is also in a very thin Rising Wedge Pattern. VET needs to invalidate this bearish pattern by breaking back above it and successfully testing it as support on this 1w timeframe. What is interesting is that the Rising Wedge takes us right up to the 4.236 Fib Level at $0.5147. This is something to keep an eye on on this 1w chart.
Note that this chart is looking at the longterm without taking into account what is happening on lower timeframes, which you should be watching & analysing as well. All in all, VeChain is looking great so it should be an interesting couple of weeks for VET providing BTC behaves herself.
I hope this is helpful with your trading and hodl-ing.
Notes:
Bollinger Bands = Grey Bands on chart
LSMA = Blue squiggly line on chart
VPFR POC = Short horizontal red line on chart
VPVR POC = Long horizontal red line on chart
50EMA = Yellow squiggly line on chart
Symmetrical Triangle = Converging ascending and descending black lines
Rising Wedge = Ascending converging dotted lines
Longterm upwards Trend-line = Ascending dashed black line.
Support and resistance areas = Horizontal black lines with yellow shading
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