Long

Double bottom hidden.

Updated

Just giving a heads up to anyone looking for a bottom. It does not show up here, but on Binance dot US, we can see on all TF's that VET struck $0.03304 on may 1st and then struck $0.03300 this morning.

This counts as a double bottom! I'll be back in a bit to give you an opinion on how far it will go before turning around.

Trade active

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I added to my portfolio at $0.03498 after observing several imminent golden crosses on short time frames up to the 1HR TF. This trade is expected to be short lived, for modest gains.

I'm a long term holder of this asset so, about ½ of my holdings are staked and I use the other half for wash rinse repeat. I will be monitoring this one closely for faults.

1st TP $0.03810.
2nd TP $0.03945
SL $0.03425

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One day I'll figure out how to add an updated chart image. But so far this trade is working out quite well.

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Not trading advice, but...

I wonder if this time we are about to see bears get faked out. It seems they are due. And I think my instruments agree.

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I am loving this buy and hold strategy. Even if VET continues to the downside I will simply keep on buying while everyone else is selling. If I continue to buy until the bottom is reached, then I can't lose. What tricks can the market make that will leave me butt hurt when my weapon of choice is patience?

Patience is priceless! Yet it costs you nothing. Be the whale! Start today!

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If VET crosses below the double bottom at $0.03300 that could be interpreted as an early signal that the falling wedge will break to the downside.

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As we can see from the hourly chart, this breakout is behaving differently from the false breakout on May 6th. Notice how the pinnacle of the falling wedge coincides with the lower trend line of the ascending broadening wedge.PA retraced to the 0.618 Fibonacci level and began making upward movement rather than that slow grind downward that makes newer traders wonder when (😂) it will come back.

Now that the wedge is full and PA touched longer term support I think we can consider this breakout legit. Although I haven't checked volume yet. If so, the height of the pole is 0.01778 as measured from the weekly time frame and we can look for an initial pump to the neighborhood of around $0.0525.

Also worth noting: The weekly RSI has printed a large harmonic butterfly that has retraced back to it's starting level and has begun turning upward to finish the pattern. When you see a harmonic pattern inside this type of indicator (as opposed to PA itself) it has a much lower failure rate,. This adds strong confirmation of this break out.

Happy trading!

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Vechain has risen to 37 cents then pulled back to 36.1 cents. PA is stalled while we wait for BTC to deal with resistance. We wanna see BTC close a 4 hour candle above 67.4K for Vechain to continue up.

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This mild pull back only adds strength to the bullish scenario. Although bull moves have lacked as much conviction as bear moves, PA seems to have failed to break our even touch the short term support established at $0.03300, the same price that started this post. And bulls appear to have an edge because the broadening wedge pattern remains in tact and seems to rule to board.

Strong support is an established trend line currently located at $0.0327666 as I have pictured in the may 17 update.

I didn't even flinch for this one. I'm not sure the bears have the strength to actually retest either of these areas. I took this as another buy opportunity and significantly increased my portfolio.

This is my favorite alt coin to invest in. I'm so confident that 70% of my holdings are staked, leaving only 30% to sell and buy back.

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I wonder how long it will stay confined inside this smaller rising wedge. I won't trade through this area, but through the process of elimination, we can anticipate wider actionable swings in the future.

Meanwhile, we can see bullish divergence on the MACD histogram and MACD planting two feet solidly into support and now aiming for the signal line. I anticipate a possible strong bullish impulse in the near future because PA often rhymes and repeats.
Vechain is certain to continue it's trek upward through the larger broadening wedge.

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I expect the ascending wedge to remain in tact while market makers try to impose FUD. If the wedge were to fail, market makers attempted confusion tactics would also fail. I expect PA to touch the lower trend line in order to shake loose hands, then upward movement can continue.

Happy trading.

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I will not be shaken out of my position. Like I said previously, up is were we are going. I'm convinced we saw the bottom already. There is nowhere else to go.

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I'm not falling for the FUD that's been shared around here lately. It's very simple, Vechain has a high correlation to Bitcoin and shares similar structure to it in the larger TF's. Since Bitcoin is not near it's major support, Vechain is not in danger of breaking down or of it's wedge.

It is expected that Bitcoin will break down from it's temporary support marked in yellow above. But as long as Bitcoin stays inside it's wedge, so too will Vechain continue to follow is wedge to the upside.

So far, what we see here is a solid touch of support. Not even enough of a dip to call this a false breakout. Keep holding.

theothermurph511

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