Long on VET
I think we are about to see a pump out of VeChain.
Indeed RSI is in the 'buy zone' and I believe we are approaching the bottom. Linear Regression candles also started to flip green which is a good sign but we need confirmation of uptrend with a green candle above the white line.
I would not like price to go below the strong support at $0.056 even though we could see a wick to that level. We might see the start of a W pattern just like we had in previous months.
When the bounce occurs, I expect price to go back up to at least the 0.5 fib level at $0.16 or top of the channel at $0.17 for a potential break and retest of the triangle line. I think if we break white line on RSI we should break through the triangle, if not we could come back down and consolidate some more inside the yellow triangle pattern.
What are your thoughts?
Indeed RSI is in the 'buy zone' and I believe we are approaching the bottom. Linear Regression candles also started to flip green which is a good sign but we need confirmation of uptrend with a green candle above the white line.
I would not like price to go below the strong support at $0.056 even though we could see a wick to that level. We might see the start of a W pattern just like we had in previous months.
When the bounce occurs, I expect price to go back up to at least the 0.5 fib level at $0.16 or top of the channel at $0.17 for a potential break and retest of the triangle line. I think if we break white line on RSI we should break through the triangle, if not we could come back down and consolidate some more inside the yellow triangle pattern.
What are your thoughts?
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