Looking at VECHAIN - VET here on the 1 hr time frame we can see that price previously has an impulsive rally to a key high area where it tested resistance at $0.28 and made a rejection.
Since then price made a push to the downside breaking through the 0.786 fib support level.
Price is currently in a symmetrical triangle pattern coming from an impulsive move to the downside. Price started this correction after testing the 0.5 fib support which it respected and has formed a multiple touch triangle pattern.
I am anticipating that price will continue to respect this triangle and anticipating a small push to the downside where price action should test the 0.618 support level once again confirming the support to then make a push to the upside possibly testing previous highs
There is a possibility that price may not respect the 0.618 support as the overall trend is coming from an impulsive move to the downside and this triangle may be a continuation pattern.
We may push down further and test the $0.14 area before moving back on track to the upside to create new highs
Thanks for reading !!!
Since then price made a push to the downside breaking through the 0.786 fib support level.
Price is currently in a symmetrical triangle pattern coming from an impulsive move to the downside. Price started this correction after testing the 0.5 fib support which it respected and has formed a multiple touch triangle pattern.
I am anticipating that price will continue to respect this triangle and anticipating a small push to the downside where price action should test the 0.618 support level once again confirming the support to then make a push to the upside possibly testing previous highs
There is a possibility that price may not respect the 0.618 support as the overall trend is coming from an impulsive move to the downside and this triangle may be a continuation pattern.
We may push down further and test the $0.14 area before moving back on track to the upside to create new highs
Thanks for reading !!!