VeChain - Quick updateVery quick VET 6hr chart update
VET has broken UPWARDS from its Triangle Pattern. A successful 6hr candle close above the descending trend-line is crucial. A successful retest of the descending trend line as support will also be another great positive sign.
With the Long Horizontal Support Area, VET was also in a potential Descending Triangle, so it's a really good sign that VET has broken above the descending trend-line. A successful close above will also invalidate the potential Descending Triangle pattern.
VET is back above its Least Squares Moving Average (LSMA). A successful close ABOVE the LSMA is a potential Buy Signal.
VET is back above its Bollinger Bands Middle Band Basis 20 Period SMA.
VET is back above its Volume Profile Visible Range Point of Control. (VPVR POC).
Note that Volume has increased and the last 4x 6hr Volume Bars have been ABOVE its Volume 20 Period Moving Average.
The MACD Line (Blue Line) is still in the Negative Zone but note it has crossed back over the Signal Line (Orange Line). Expect a big move up if the MACD Line (Blue Line) crosses back over the 0.0 Base Line into the Positive Zone on this 6hr timeframe.
A 6hr Candle close ABOVE the BB Middle Band, LSMA, VPVR POC and Descending Trend-line is crucial for continued upwards momentum.
I hope this very quick post is helpful with your trading and hodl-ing.
Notes:
LSMA = Black squiggly line on chart
Bollinger Bands = Grey Bands on chart
VPVR POC = Long Horizontal Red Line
Trend-Lines (Triangle Pattern) = Dashed Lines
Support Area = Black Lines with Yellow Shading
Volume Bar & Volume MA = You know where that is ;-)
MACD = Bottom Indicator
