VEN/BTC Descending Triangle Pattern is forming
Cryptocurrency Market Capitalizations Rank 16 VeChain (VEN)
VEN/BTC is forming a descending triangle pattern at this moment.
If the thin yellow support zone could not hold, the possible price would fall into the thicker yellow support zone which is near Fib Ret 61.8%
On the other hand Ichimoku analysis does not say it is bearish. It is because chinkou span hasn't yet cross below price, and the projected cloud is still inclined upward.
ADX indicator also agrees with Ichimoku by:
+DI line rising while -DI line dropping, and ADX line shows no trending.
By this kind of comparison, we cannot conclude it is a bearish market.
VEN/BTC is forming a descending triangle pattern at this moment.
If the thin yellow support zone could not hold, the possible price would fall into the thicker yellow support zone which is near Fib Ret 61.8%
On the other hand Ichimoku analysis does not say it is bearish. It is because chinkou span hasn't yet cross below price, and the projected cloud is still inclined upward.
ADX indicator also agrees with Ichimoku by:
+DI line rising while -DI line dropping, and ADX line shows no trending.
By this kind of comparison, we cannot conclude it is a bearish market.
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