Short
VEN/BTC Rising wedge. Buying opportunities
Updated
Hi Guys
Vechain has proven lately it is a very strong coin. Although I predicted a much bigger and deeper dip like most other ALTS during this correction, Vechain proved itself as the more resilient ALT on the market. However I see a RISING WEDGE forming. Rising wedges are full of spikes and dips and for those like myself who like to take small profits this is a nice opportunity to accumulate. The question now is... Will this rising wedge form another triangle or peak? My temporary bullish scenario says YES (watch volume) and if it does I will make a buy order on the wedge trend line. If it doesn't... I've put a stop loss just underneath the trend line for safety. My second bearish scenario might unfold too. If the rising wedge decides to dip beneath the trend line we might see a dip to the previous support line AND Yes I will buy this dip too.
Good luck!
TA über alles.
Vechain has proven lately it is a very strong coin. Although I predicted a much bigger and deeper dip like most other ALTS during this correction, Vechain proved itself as the more resilient ALT on the market. However I see a RISING WEDGE forming. Rising wedges are full of spikes and dips and for those like myself who like to take small profits this is a nice opportunity to accumulate. The question now is... Will this rising wedge form another triangle or peak? My temporary bullish scenario says YES (watch volume) and if it does I will make a buy order on the wedge trend line. If it doesn't... I've put a stop loss just underneath the trend line for safety. My second bearish scenario might unfold too. If the rising wedge decides to dip beneath the trend line we might see a dip to the previous support line AND Yes I will buy this dip too.
Good luck!
TA über alles.
Trade active
I chose to sell a bit of VECHAIN just now. Securing small profits is key at this moment. Im chasing this asset with a tight stop loss around the 5770sats. Im not so sure it will touch the 6400sats trend line resistance. Im waiting for those big volume spikes :)
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