VeChain - A quick analysisVeChain was in a massive Rising Wedge Pattern and has broken below it.
VeChain is now in a new massive Symmetrical Triangle Pattern. VeChain needs to stay above the Ascending Trend-line of the Symmetrical Triangle for any real upside recovery to take place.
At the moment of typing this, VeChain is below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. We need VeChain to break back above and more importantly close above its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe.
At the moment of typing this, VeChain is above its Least Squares Moving Average (LSMA). At the moment VeChain has found support from the LSMA. We need this daily candle to close above the LSMA.
At the moment of typing this, VeChain is above its Volume Profile Fixed range Point of Control (VPFR POC) fro this charts fixed range off 29 daily candles that i have selected.
Note that yesterday’s Volume Bar ended in the Green and closed above its Volume 20 period Moving Average. It’s still uncertain if today will end in the green.
The Average Directional index (ADX DI) is showing that the -DI (Red Line) is still above the +DI (Green Line) indicating that Negative Momentum is still dominant over Positive Momentum on this 1d timeframe. Note that the -DI (Red Line) has dipped slightly to 31.03 and the +DI (Green Line) has risen to 9.02 but it looks like it’ll be awhile before we see the +DI (Green Line) cross back above the -DI (Red Line) on this 1d timeframe. Note that at the moment, the Trend Strength is strong with the ADX (Orange Line) at 34.40 and still above its 9 Period EMA (Black Line) which is at 28.80.
The Moving Average Convergence Divergence is indicating momentum is still downwards and note that the MACD Line (Blue Line) is still below its Signal Line (Orange Line) and is also in the Negative Zone below the 0.0 Base Line. We need to see the MACD (Blue Line) cross back above the Signal Line (Orange Line) on this 1d timeframe for any real recovery to take place.
I would not get excited unless VeChain closes a daily candle back above its Bollinger Bands Middle Band Basis 20 Period SMA on this 1d timeframe.
Here is a closer look at this VeChain chart.
I hope this is helpful with your trading and hodl-ing.
Rising Wedge Pattern = Ascending Converging Black Dashed Lines on chart
Symmetrical Triangle Pattern = Ascending/Descending Converging Black Dotted Lines on chart
LSMA = Black Squiggly Line on chart
Bollinger Bands = Grey Bands on chart
VPFRPOC = Short Horizontal Red Line on chart
