Vechainthor
Vechain: What to expect given the upcoming rebranding (on 26/02)In my previous post , I highlighted the strong support line for Vechain in the VENETH graph:
That support is still intact and we are still trading quite close to it. For those who wish to open a longer term position in "VEN", this is likely a decent entry point, especially given the fundamentals going for it (do visit my website for a fundamental take), and definitely our Tweet reply to "The Coca-Cola Kid" (renown market forecast wizard).
Looking at the VENBTC chart, we also see strong support in the large triangle formation , which is about to approach on its limits. Note that the chart is not drawn in regular candles, but in Heikin Ashi candles . If we look at the last candle stick on the 4-hourly (graph below), we see it is a “doji” stick (which means that the open and closing price are virtually the same, and that there is only limited movement in low/high). This doji candle is typical in Heikin Ashi charting and most of the time means one of two things: 1) pending trend reversal (note that we are talking about the 4-hourly chart, and you can see in the previous trend reversals in the downward channel that you get some green candles but not like a butload). 2) The second possibility is “indecisiveness” of the market. (by the way, at the time of writing, the doji was red, but now upon publishing turned green already).
I believe this one likely hints to some upside in the short term onto the moment where we hit the upper triangle resistance, somewhere like 14/15 Feb.
After that it will likely test support again before the uptake. But that is only if we look at the 4 hourly. If we look at the daily, we simply see red candles moving downwards . They will likely test support, and I don’t expect VENBTC to go much lower, given the pending rebranding on 26/02.
Now, we also see a second triangle formation in pink, which could contain price movement a little bit longer.
A rebranding typically goes hand in hand with some nice price pumping. Ven’s rebranding is scheduled for the 26/02 (although there have been hints that they might postpone it because of the bearish sentiment currently in the market).
An additional indicator can be found in the MACD , which is taking its time to reach a bullish cross, and which might be feasible by the 26th if we would extend the red and blue line (see section under the graph, blue should cross red with blue coming on top).
Conclusion:
Of course you would prefer to get some clear advice on BUY or SELL. But the chart is not giving us enough information to confirm any stance. The only thing we do know is that Vechain is a cryptocurrency with solid fundamentals and with an upcoming rebranding. A bullish cross in the daily MACD is in the making and could well support a nice pumping in the next few weeks. If the triangle formation breaks out upward and is confirmed , we will have more reason to see this one go crazy. In the meantime, if you would like to buy into VENBTC, this is a nice entry point given the current strong support levels. Maybe a sidenote: if VENBTC were to postpone its rebranding, this might turn the story upside down and result in some more downward price pressure. Otherwise, best to stay a bit on the sideline and/or if you wanna make shorter term gains, maybe not the best place to be looking (unless white triangle figure gets broken).
Just my five cents for the moment, updates will come!
VEN correction first, then up! Long term potential +300%VeChain - Boy i love you so much <3 <3
Ok.
VeChain is a cryptocurrency that wants to incorporate Blockchain and RFID technology and apply these technologies into logistics and become a the key if not major supply chain blockchain for business and enterprises.
This is a coin that I am absolutely extremely bullish on, but first we need to take a step back.
Exuberance cannot and will not last forever so everytime we have a run up, we need to take a step back. This is a coin that has massive potential long term, and I strongly believe its a coin that WILL survive the cryptocurrency bubble burst.
VeChain has huge partnerships with companies such as DNV GL - major logistics company, Pricewatercoopers - one of the 4 biggest auditing companies in the world, and Renault - just to name a few. All of which are huge companies in their own right. Honestly this is a coin that you need to do research on and understand the greatness of it
Buy: 0.00036000 - 0.00050000 (50,000 sats only because I'm extremely bullish on this coin and i do want secure a position in case it doesn't correct lower)
Sell: Do you really want to sell this? But if you do: 0.00124000-0.00135000, and 0.00175000 - 0.00186000
Fundamentals:
1) Really, its hard to tell, VeChain has a bad habit of randomly dropping news out of the blue causing minor spikes in price - whales :(
2) Rebranding into VeChain Thor - by February 26th.
3) The many, many strong partnerships they have with BIG companies
4) Did I mention that they were able to be broadcasted onto China's CCTV? - a VERY restricted media broadcasting service where the government must approve of all news that is aired. They are called- WeiLian in Chinese (I can't post chinese for some reason) - VeChain in English.
Technicals:
VeChain had a beautiful 5 impulse waves up and now we are in the ABC corrective phase of the 5 wave supercycle. In the original 1st 5 waves making up the 1st impulse wave of the supercycle, VeChain had hit a high of about 52000 sats which was between the 1-1.618 fib extension, which then retraced into the 0.5 region where it consolidated for a while and then rocketed all the way up to 82000 sats which brought it just short of the 2.618 region and now we are retracing. Im still working on corrective patterns, but usually the end of a 5 impulse wave would retrace to about the 0.5-0.618 region. Which would be our buy zone. But sometimes 2nd impulse waves only retrace back to the 0.382 region which is where I'll start to add to my position and dollar cost averaging my way down.
Then using Fib extensions from the 1st and 2nd waves of the supercycle, I predict a tentative target of 1.0 and 1.618 in the longer term.
