VTC on 2 day timeframe - 2 scenarios! Pick yours ;-)
First and foremost: I am biased with VTC as I like the project alot. Nevertheless my as objective take on TA on it:
There are 2 possibilities here by simply looking at s/r + historical patterns on the 2 D chart:
A)
There is a possibility that we are leaning towards gaining momentum with VTC as we do have a falling Wedge pattern with a breakout and retest as of right now.
This is supported by the forming of bullish divergencies on the MACD (both histogram as well as momentum of the EMAs / MACD line). Be aware that these divergencies are there but they could continue to form in another "downswing" move for a bigger timespan, before it actually starts to show in price action. MACD line itself is still below 0 and since we already had our crossover it remains to be seen if VTC can carry the momentum over the magical 0 line.
RSI does not show any divergencies on higher Timeframes as of now. Volume did show some form of life - however I do not take volume as the most important indicator.
Bonus: Looking at the green rectangles it allows interpretation of potentially having a similar scenario to last falls run. A long term support line that turns into resistance and then gets tested and taken out 1-2 weeks later (wen moon? 2 weeks!)
B)
Since the potential fractal is subjective for sure - this can actually also be a legit retest of former support line that now has turned out to be a monster of a resistance line. We got shotdown hard by it and the Itchimoku cloud on the daily timeframe - further making a case for a smackdown and a prolonged bear scenario.
It should be noted that that resistance line does have historic value as its a horizontal support line that has been tested in the last 12 months multiple times!!
MACD still is below 0 and it is possible that we will see a negative crossover soon, since the histogram is ticking downwards indicating that sell pressure is kicking in like Beckham used to do with those 21 meter free kicks.
As of now: 12 k will have to hold and eventually we have to bounce from the falling wedge in order to confirm bullish momentum.
If we fall through next support levels to look at are 9k, as welll as 7,5k and 5,5k. Either way, longterm this is a buy. Depends on the type of trader you are - if you wanna get in when bullish momentum is confirmed or if you wanna play s/r lines with close knit stops!
Cheers!
There are 2 possibilities here by simply looking at s/r + historical patterns on the 2 D chart:
A)
There is a possibility that we are leaning towards gaining momentum with VTC as we do have a falling Wedge pattern with a breakout and retest as of right now.
This is supported by the forming of bullish divergencies on the MACD (both histogram as well as momentum of the EMAs / MACD line). Be aware that these divergencies are there but they could continue to form in another "downswing" move for a bigger timespan, before it actually starts to show in price action. MACD line itself is still below 0 and since we already had our crossover it remains to be seen if VTC can carry the momentum over the magical 0 line.
RSI does not show any divergencies on higher Timeframes as of now. Volume did show some form of life - however I do not take volume as the most important indicator.
Bonus: Looking at the green rectangles it allows interpretation of potentially having a similar scenario to last falls run. A long term support line that turns into resistance and then gets tested and taken out 1-2 weeks later (wen moon? 2 weeks!)
B)
Since the potential fractal is subjective for sure - this can actually also be a legit retest of former support line that now has turned out to be a monster of a resistance line. We got shotdown hard by it and the Itchimoku cloud on the daily timeframe - further making a case for a smackdown and a prolonged bear scenario.
It should be noted that that resistance line does have historic value as its a horizontal support line that has been tested in the last 12 months multiple times!!
MACD still is below 0 and it is possible that we will see a negative crossover soon, since the histogram is ticking downwards indicating that sell pressure is kicking in like Beckham used to do with those 21 meter free kicks.
As of now: 12 k will have to hold and eventually we have to bounce from the falling wedge in order to confirm bullish momentum.
If we fall through next support levels to look at are 9k, as welll as 7,5k and 5,5k. Either way, longterm this is a buy. Depends on the type of trader you are - if you wanna get in when bullish momentum is confirmed or if you wanna play s/r lines with close knit stops!
Cheers!
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