VeChainLong
VeChain - Update
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VeChain update:
At the time of typing this, VET has bounced of its 38.2% Fibonacci Retracement Level which is also where its Ichimoku Cloud Conversion Line (Tenkan Sen) is located. This is also where the 20EMA is also located at the moment.
VET is still above its Bollinger Bands Middle Band Basis. The Upper Bands has turned inwards and the Lower Band is still moving upwards.
The RSI has dropped out of the Overbought Zone and has a slight slope downwards.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum has a slight downwards trajectory at the moment.
Worthy of note, is that VET is quite a distance away from ever crossing its Ichimoku Cloud Leading Span A (Senkou Span A) cloud support for this timeframe.
The ADX DI SMA is indicating VET is still in an uptrend for this timeframe because the ADX (Yellow Line) is at 61.8 and above its 10 Period SMA (White Line) which is at 51.8. The +DI (Green Line) is at 19.9 & is still above is -DI (Red Line) which is at 5.6
Now i know what you’re thinking Billy, “its going down, how can it be a longterm uptrend”? We’ll Billy, let me explain, a longterm uptrend doesn’t mean that an asset will continuously go up 24hrs a day, 7 days a week, 365 days a year, there are periods of profit taking, consolidation, retracement from being overbought & overextended, whales focusing on other crypto for a while and also the dreaded BTC shitting the bed and dragging all alts down with it.
As i keep saying, it’s not where the candle wicks to that’s important, but where the candle CLOSES that’s really important. VET is also a fair distance away from hitting and crossing its Ichimoku Cloud Base Line (Kijun Sen) for this timeframe, to hit that level, VET would need to drop below its Conversion Line (Tenkan Sen), Bollinger Bands Middle Band Basis, 38.2% Fibonacci Retracement Level, An Aqua Blue Pitchfork Support Line and its 50% Fibonacci Retracement Level. I cannot see that happening.
For the longterm, VeChain is still looking absolutely fantastic, and as i keep saying, accumulate as much VET as you can before VeChain does what ADA did and gets over that crucial $1 mark!
I hope this is helpful with your trading and hodl-ing. Good luck 👍🔥🌔🪐
At the time of typing this, VET has bounced of its 38.2% Fibonacci Retracement Level which is also where its Ichimoku Cloud Conversion Line (Tenkan Sen) is located. This is also where the 20EMA is also located at the moment.
VET is still above its Bollinger Bands Middle Band Basis. The Upper Bands has turned inwards and the Lower Band is still moving upwards.
The RSI has dropped out of the Overbought Zone and has a slight slope downwards.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum has a slight downwards trajectory at the moment.
Worthy of note, is that VET is quite a distance away from ever crossing its Ichimoku Cloud Leading Span A (Senkou Span A) cloud support for this timeframe.
The ADX DI SMA is indicating VET is still in an uptrend for this timeframe because the ADX (Yellow Line) is at 61.8 and above its 10 Period SMA (White Line) which is at 51.8. The +DI (Green Line) is at 19.9 & is still above is -DI (Red Line) which is at 5.6
Now i know what you’re thinking Billy, “its going down, how can it be a longterm uptrend”? We’ll Billy, let me explain, a longterm uptrend doesn’t mean that an asset will continuously go up 24hrs a day, 7 days a week, 365 days a year, there are periods of profit taking, consolidation, retracement from being overbought & overextended, whales focusing on other crypto for a while and also the dreaded BTC shitting the bed and dragging all alts down with it.
As i keep saying, it’s not where the candle wicks to that’s important, but where the candle CLOSES that’s really important. VET is also a fair distance away from hitting and crossing its Ichimoku Cloud Base Line (Kijun Sen) for this timeframe, to hit that level, VET would need to drop below its Conversion Line (Tenkan Sen), Bollinger Bands Middle Band Basis, 38.2% Fibonacci Retracement Level, An Aqua Blue Pitchfork Support Line and its 50% Fibonacci Retracement Level. I cannot see that happening.
For the longterm, VeChain is still looking absolutely fantastic, and as i keep saying, accumulate as much VET as you can before VeChain does what ADA did and gets over that crucial $1 mark!
I hope this is helpful with your trading and hodl-ing. Good luck 👍🔥🌔🪐
Nota
For those who don't know what the Ichimoku Cloud or Bollinger Bands are and what they indicate, please check out my 2 educational post below. 👍Ichimoku Cloud
Bollinger Bands
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