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The market data were provided by HitBTC exchange.
VeChain is the five tenth-best Token, measured by its market capitalization. The smart rebound from the recent lows due to the strong fundamental news. Market participants are enthusiastic about the VeChainThor Bock chain, whose Mainnet is expected to Launch by the end of June.
it Is more so, or was it? Let’s analyse diagrams.
weekly graph
VEN remained from mid-November to mid-December of last year in a narrow range. It started with an upward trend at the end of December, from the lows of 0.00002184 on 30. November on an intra-day high of 0.00081678 on 22. January of this year. This is a return of 3639% within two months.
The following correction was supported in the vicinity of the 61.8 percent Fibonacci Retracement Levels of 0.00032752. The digital currency peaked at 30. March 0.00031748 a saddle point.
might encounter After a strong breakout from the downward trend line VeChain can reach a level of 0.00062102, where there is resistance. Once this level is exceeded, before a re-Test of the maximum values.
day graph
On the daily graph has broken the VEN/BTC Pair from an inverted head – and-shoulder pattern (H&S) had a minimum target of 0.00063. This is close to the Overhead resistance at 0.00062102, therefore, we can expect a decline or a consolidation at this level.
On the bottom there is support in the case of 0.00047, under which the neckline of the inverse H & S pattern support.
How can you act now, the VEN/BTC Pair?
distributors that already own the crypto-currency, should keep their Position, since a change to 0.00062. There is a high probability of a break-in from the overhang, resistance or consolidation. Therefore, traders can book a small percentage of your Position and try to buy at lower levels. Long-term holders can place your stops higher, rather than investing again, as above 0.00062102 we can expect a straight-on jumper in direction of the life-time highs.
Others who have not purchased virtual currency, should wait for a downturn in the direction of the 20-day EMA, with a Stop-Loss at 0.0004 to buy just below the 50-days SMA,. The Failure of a bullish pattern is a negative character; under 0.0004 a re-Test of 0.00032 levels is possible.
If we are not immersing in the 20-day EMA, traders can on the of consolidation or correction at the Overhead resistance and then wait for the breakout to buy. An outbreak confirms the resumption of the uptrend and a rally to the highs is likely. Once the bulls manage to break the highs, can increase the digital currency of the upward trend on 0.00111242. However, since the majority of crypto-currencies tend to your profits a lift quickly, traders should tighten their Stops to the top, in order to retain earnings.
market data provided by the HitBTC exchange. The graphs for the analysis to be made of TradingViewzur.
