Vechain Climbs the Pattern LadderA repeating pattern of consolidation followed by a jump once we approach purple. We've had two now can we get a third?
Be on the lookout for a close above black. It'll go on to test yellow and potentially green.
However, if we fall below purple its a different story.
Venthor
Vechain: Preparing for another breakout?Vechain has been consolidating since its initial run at the beginning of the month. Today we're seeing an uptick in volume and the price is approaching prior resistance right around .0004420. Closing about this resistance would be a very positive sign and could call for another increase in price where the next point of resistance would be around .00046-.00047 and then ~.00049.
Be careful though, Vechain likes to bounce around when running into support on big run ups and could bounce back down only to test it again a few days later.
Personally, I think it will bounce back down, consolidate a little longer and then test black again, but no one can know for sure. We've got the EMA 20 (red) as solid support, if the price action follows the blue trend line upward it should squeeze us into some upward movement.
Happy trading!
