charliesanchez

VENBTC

Long
BINANCE:VENBTC   None
I think VEN is ready for a short turn run.

Higher lows across all indicators are meeting heavy resistance, forming ascending triangles.

Candles:
Potentially forming a long wave 5 to target.
Target is 1.618 extension of the previous swing high - where i expect resistance at the level of the previous double top on 14/17th March.

RSI:
Ranging in the neutral/ bullish zone between 40-70.
Two consecutive higher lows
RSI 40 is strong support (previously on 6t April), having been resistance in late March.

MACD:
Looks like we're set for a cross to the upside
Getting higher lows on the histogram.
BUT we are getting lower highs on the divergence.

Trade:
I have a bag already so won't be trading but I would open a paper trade
Tight stop if it breaks out of ascending triangle
Target at 1.618 fib
R:R 2.3:1

Comments

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