VeChain Path (Analyzing The Next Move)

BINANCE:VETBTC   VeChain / Bitcoin
I received multiple messages about VeChain (VETBTC), showing that there is good interest in this altcoin pair/project. So allow me to read the charts for you, I am hoping that you are entertained and learn something from this content... Let's get started!

VeChain (VETBTC) Chart Analysis by Alan Masters

Let's start by taking a closer look at the VeChain chart:
  • First we can see the new All-Time Low on Binance was hit on the 8th of August. There is no strong bounce nor a big increase in volume when this low was hit, so VET might go lower.

  • We can see VETBTC trading within a falling wedge , which is marked with a purple dashed line. Here I draw the most likely path in red. Trading below EMA10 ( bearish potential).

  • The RSI hit oversold and is trading on the mid-thirties, looking weak.

  • We have plenty of bearish signals while many altcoins are starting to show bullish charts... VETBTC might need more time before it starts to turn.

  • The MACD and RSI are showing bullish divergence .

So we have mostly bearish signals coming out of this chart, so we can expect for VETBTC to move lower.

Conditions for change: If VETBTC can move up and close above 48 satoshis with good strength and volume , the above signals become invalid and a new analysis is needed.

Thanks a lot for reading.



Comment: TARGET:

1) 47 |Hit 28-Oct. (+12%)
2) 50 |Hit 28-Oct. (+19%)
3) 55 |Hit 6-Nov. (+31%)
4) 60 |Hit 7-Nov. (+43%)
5) 66 |Hit 11-Nov. (+57%)
6) 71 |Hit 11-Nov. (+69%)
7) 76 |Hit 12-Nov. (+81%)
8) 92 |Hit 16-Nov. (+119%)
9) 102 |Hit 2-Dec. (+143%)
*) 110 |Hit 2-Dec. (+162%)

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