VeChain Path (Analyzing The Next Move)

I received multiple messages about VeChain (VETBTC), showing that there is good interest in this altcoin pair/project. So allow me to read the charts for you, I am hoping that you are entertained and learn something from this content... Let's get started!


VeChain (VETBTC) Chart Analysis by Alan Masters

Let's start by taking a closer look at the VeChain chart:

• First we can see the new All-Time Low on Binance was hit on the 8th of August. There is no strong bounce nor a big increase in volume when this low was hit, so VET might go lower.
  
  
• We can see VETBTC trading within a falling wedge, which is marked with a purple dashed line. Here I draw the most likely path in red. Trading below EMA10 (bearish potential).
  
  
• The RSI hit oversold and is trading on the mid-thirties, looking weak.
  
  
• We have plenty of bearish signals while many altcoins are starting to show bullish charts... VETBTC might need more time before it starts to turn.
  
  
• The MACD and RSI are showing bullish divergence.
  

So we have mostly bearish signals coming out of this chart, so we can expect for VETBTC to move lower.

Conditions for change: If VETBTC can move up and close above 48 satoshis with good strength and volume, the above signals become invalid and a new analysis is needed.

Thanks a lot for reading.

Namaste.

THIS IS NOT FINANCIAL ADVICE.

Comment:

TARGET:

1) 47 |Hit 28-Oct. (+12%)
2) 50 |Hit 28-Oct. (+19%)
3) 55 |Hit 6-Nov. (+31%)
4) 60 |Hit 7-Nov. (+43%)
5) 66 |Hit 11-Nov. (+57%)
6) 71 |Hit 11-Nov. (+69%)
7) 76 |Hit 12-Nov. (+81%)
8) 92 |Hit 16-Nov. (+119%)
9) 102 |Hit 2-Dec. (+143%)
*) 110 |Hit 2-Dec. (+162%)