VeChain - Accumulate itQuick VeChain update:
We are seeing sideways ranging with VeChain on this 1D timeframe.
VeChain is still below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1D timeframe. We need to turn this level into strong support.
VeChain is still below its 50EMA for this 1D timeframe. We need to eventually cross this level and turn it into strong support.
VeChain is still above its Least Squares Moving Average (LSMA) for this 1D timeframe. Note that when the price crosses above the LSMA, it is positive and was a potential buy signal.
Volume is still relatively low for this 1D timeframe. Note that the Volume Bar is below its Volume 20 Period Moving Average.
VeChain is still below its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visable range.
The Moving Average Convergence Divergence (MACD) is indicating momentum is still upwards and the MACD Line (Blue Line) is still above the Signal Line (Orange Line). Note that the Green Histograms has lightened indicating a slight weakening of upwards momentum. A crucial point on the VeChain 1D timeframe will be when then MACD Line (Blue Line) crosses back over the 0.0 line into the positive zone.
The Chaikin Money Flow (CMF) is indicating VeChain is in distribution for this 1D timeframe with the CMF Line (Green Line) in the Distribution Zone at -0.04. The CMF is still slightly above its Least Squares Moving Average (LSMA) which is at -0.06. Note that the CMF (Green Line) is starting to point upwards.
The question is, is VeChain in a Falling Wedge, a Symmetrical Triangle, a Descending Triangle or All or None of the above on this 1D timeframe. Note the Horizontal Support Line has been tested on 5 separate days and that was our resistance of our previous Ascending Triangle. Ideally, any positive breakout must be on increased volume.
The way i see it, we only have a few more weeks “possibly 4-6 for BTC” of continued consolidation within a range before the market makers decide that the path of least resistance is upwards which affects all cryptos. But who knows, it may be sooner. Even if VET dips more, now is the time to buy. What is the point of waiting to accumulate a crypto after if its done a +50% rise? You’ll just end up buying at the top again. So accumulate, accumulate, accumulate VeChain before the next rise……. As well as ADA.
I hope this is helpful with your trading and hodl-ing.
