VLXUSDT Bull Flag approaching the 1D MA50.
Velas (VLXUSDT) has formed a Bull Flag following the rally since the March 18 Low. This analysis is basically an extension of the one published last week, showcasing the importance of the Lower Highs trend-line of November 19 2021, and that as long as it doesn't break, the pull-back will seek the lower Support levels:
So far this trend-line hasn't been broken, was on today's post it is important to look into more detail the Support levels involved and comparing them to the symmetrical bottom phase of July - August 2021.
** The 1D MA50 and the RSI **
The first natural Support level is the 1D MA50 (blue trend-line) that is currently at 0.22040. With the Ichimoku having turned green already, the price may bounce any time, but most likely, the market would want to see this level tested as a Support to gain confidence again and attract new buyers.
The 1D RSI has been printing the very same sequence as in July - August and if symmetry holds, it should bounce off its 43.000 level.
** The Fibonacci levels **
As far as Fibonacci retracement levels are concerned, the July - August fractal made a first bounce on the 0.618 Fib and a second by breaking a 1D candle wick below it, but closing right back above before the day was over.
The 0.618 Fib level on the current phase is roughly 0.1880.
** The Inverse Head and Shoulders **
As mentioned above, it is not necessary for the price to go as low as that level. And a big reason why, is the Inverse Head and Shoulders pattern (IH&S), which is a technical structure formed on market bottoms and leads to an instant trend reversal from bearish to bullish.
This is what took place on the July - August fractal. With very symmetrical points, Velas rebounded very aggressively after completing the Right Shoulder of the pattern. On the current formation, the Right Shoulder's Support is around 0.2150.
** Conclusion **
It is not hard to realize that VLXUSDT is a solid buy opportunity on the current levels, despite the potential for slightly lower prices. The minor correction since the April 01 High, should be treated as the buy opportunity for those who missed the bottom last month and invest especially if you are a long-term crypto investor. The potential of this token once the Lower Highs trend-line of November breaks, is x10 return.
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So far this trend-line hasn't been broken, was on today's post it is important to look into more detail the Support levels involved and comparing them to the symmetrical bottom phase of July - August 2021.
** The 1D MA50 and the RSI **
The first natural Support level is the 1D MA50 (blue trend-line) that is currently at 0.22040. With the Ichimoku having turned green already, the price may bounce any time, but most likely, the market would want to see this level tested as a Support to gain confidence again and attract new buyers.
The 1D RSI has been printing the very same sequence as in July - August and if symmetry holds, it should bounce off its 43.000 level.
** The Fibonacci levels **
As far as Fibonacci retracement levels are concerned, the July - August fractal made a first bounce on the 0.618 Fib and a second by breaking a 1D candle wick below it, but closing right back above before the day was over.
The 0.618 Fib level on the current phase is roughly 0.1880.
** The Inverse Head and Shoulders **
As mentioned above, it is not necessary for the price to go as low as that level. And a big reason why, is the Inverse Head and Shoulders pattern (IH&S), which is a technical structure formed on market bottoms and leads to an instant trend reversal from bearish to bullish.
This is what took place on the July - August fractal. With very symmetrical points, Velas rebounded very aggressively after completing the Right Shoulder of the pattern. On the current formation, the Right Shoulder's Support is around 0.2150.
** Conclusion **
It is not hard to realize that VLXUSDT is a solid buy opportunity on the current levels, despite the potential for slightly lower prices. The minor correction since the April 01 High, should be treated as the buy opportunity for those who missed the bottom last month and invest especially if you are a long-term crypto investor. The potential of this token once the Lower Highs trend-line of November breaks, is x10 return.
--------------------------------------------------------------------------------------------------------
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
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