Salaam
Rising channel coincide with the market exhaustion.
I expect a retrace down to 0.087 area.
It's the intersection of the daily rising channel, 61 FIBO of impulse rise, and key level.
In the short time, VET is in 2 rising channels, 30m and 4h that expect to go down after breaking and retest of each one.
I have a sell position from 0.134 and add to volume after breaking each channel.
The time target for this bottom regarding the last cross with the daily channel is about september 7th and I expect powerful impulse from there and breaking the ATH levels.
Note that where is the upper line of the daily channel at the end of the year!
Here is the bigger daily image:
Manage the risk is the most vital in trading not analysis******************
Rising channel coincide with the market exhaustion.
I expect a retrace down to 0.087 area.
It's the intersection of the daily rising channel, 61 FIBO of impulse rise, and key level.
In the short time, VET is in 2 rising channels, 30m and 4h that expect to go down after breaking and retest of each one.
I have a sell position from 0.134 and add to volume after breaking each channel.
The time target for this bottom regarding the last cross with the daily channel is about september 7th and I expect powerful impulse from there and breaking the ATH levels.
Note that where is the upper line of the daily channel at the end of the year!
Here is the bigger daily image:
Manage the risk is the most vital in trading not analysis******************
Note
The 30m channel broke downside.it may pullback to 0.1313 before more falls.
The next support is 0.12 4h channel trend line.
May will see some bounce from there or it breaks directly.
Check price action there.
Note
I closed the position at 0.1283.Now it seems to go to pullback 0.1313-0.133 area and return back to try next time to break this support.
Note
The falling channel in 5m is broken.Note
In another scenario, VET could go to 0.143.This is based on 4h, takes 4-5 candles.
Double bottom pattern.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.