VET/USDVeChain update:
As with most cryptos, downwards pressure is still dominant.
VET is still in a Descending Channel, VET broke above the Descending Channel on the 3rd of March but quickly came back down and closed back inside the Descending Channel so the Descending Channel is still valid.
VET is still below its Bollinger Bands Middle Band Basis 20 Period SMA on this 1d timeframe. Note that we have expansion of the Lower Bollinger Band and this expansion is for negative momentum.
VET is getting very close to its Least squares Moving Average (LSMA) indicator, a close below the LSMA will be considered a sell signal on this 1 day timeframe for this indicator.
VET is still below its Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range.
VET is still below its Volume Profile Fixed Range Point of Control (VPFR POC) for the Fixed Range of 11x daily candles that i have selected.
I have added various Support and Resistance areas s highlighted by the Horizontal Blue Line with Yellow Shading.
Looking at the Moving Average Convergence Divergence (MACD), we can see that the MACD Line (Blue Line) is sideways at the moment and still under the 0.0 Base Line in the Negative Zone. If the MACD Line (Blue Line) crosses back under the Signal Line (Orange Line) then that will be considered a sell signal for this indicator on this 1 day timeframe. Not that the last 3 Green Histograms have lightened and lessoned in size indication a weakening of positive momentum. Note that the MACD Line (Blue Line) has not been in the Positive Zone above the 0.0 Base Line since the 21st Nov 2021 on this 1 day timeframe.
Looking at the Stochastic Indicator (STOCH) we can see that momentum is downwards at the moment and note that the %K Line (Bluer Line) is still below its %D Line (Orange Line) on this 1 day timeframe. Important to note that the %K (Blue Line) still has plenty of room to drop much more before becoming Oversold on this 1 day timeframe.
Looking at the Average Directional Index (ADX DI) we can see that the trend strength is very weak with the ADX (Orange Line) under its 20 Threshold at 19.23 and still under its 9 Period EMA (Black line) which is at 21.60. Note that Positive Momentum has dropped its the +DI (Green Line) dropping to 19.26. Negative Momentum is still dominant but has dropped to 23.63.
Here is a wider look at this VET/USD 1 day chart so you can see the previous VPVR POC area:
I still think that BTC will hit $24k this year, if that is the case & if downwards pressure continues and VET breaks below its $0.0389 support then i think we will see VET hit around $0.0293 - $0.0282 as that area is VET’s previous very strong VPVR POC area.
At the moment, the Market Makers have decided that the path of least resistance to profit is still downwards, this goes for most stocks, Indices and Cryptos. As we know BTC is following the downwards momentum of the stock market and all alts are following BTC.
I closed all my crypto trades back in Dec 2021, luckily still in profit. I have only had 1 crypto trade on since which i closed at a 10% profit, that was a VTHO/USDT trade. I am positioning myself to fully be able to buy back in on my various cryptos of choice when the time arises because bear markets do not last forever.
I hope this is helpful with your trading and hodl-ing.
