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VeChain – Update with a Falling Wedge for BINANCE:VETUSD by entertheroach

Quick VeChain 4hr chart update with the Ichimoku Cloud:

VeChain is still in the Bearish Zone of the Ichimoku Cloud for this 4hr timeframe.

The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating Short-Term momentum is downwards at the moment. Note that the Conversion Line (Tenkan Sen) is only sloping slightly downwards.

The Ichimoku Cloud Base Line (Tenkan Sen) is indicating Mid-Term Momentum is downwards at the moment.

The Ichimoku Cloud Lagging Span (Chikou Span) is pointing upwards indicating momentum is upwards, but be aware that this is a fast reacting indicator.

Note that the Leading Span A (Senkou Span A) is pointing downwards and the Leading Span B (Senkou Span B) is starting to slope downwards but note that the cloud gap between the Leading Span B (Senkou Span B) and Leading Span A (Senkou Span A) is still quite large. When the Leading Span B (Senkou Span B) is on top, we do not want that gap to shorten into a thing gap unless you are short selling.

VET is below its Bollinger Bands Middle Band Basis 20 Period SMA . Note that VET is back above its Lower Band, this is indicating negative volatility has slowed.

VET is below its Volume Profile Visible Range (VPVR) Point of Control (POC) for this 4hr timeframe.

VET is below its Volume Profile Fixed Range (VPFR) Point of Control (POC) for this 4hr timeframe.

VET is in a Falling Wedge pattern. A Falling Wedge pattern is a possible bullish reversal pattern, but because all alts are still at the mercy of BTC , Exchange & Market Manipulation, its debatable as to whether or not the potential reversal will be realised. The bottom trend-line of the wedge is a crucial support line as VET has bounced off it 4 times. VET needs to close this 4hr candle above this support line and turn it into strong support, if not, then VET may see $0.092 again and possibly much lower so there could be another opportunity to acquire more VET at a cheaper price.

VeChain is still the most criminally undervalued crypto out there, so if it does drop more, then i’ll just DCA more at an amazing cheap price before the next crypto leg up.

I hope this analysis is helpful with your trading and hodl-ing.

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