The key support and SMAs:
From November 2020 to April 2021 the price line of VRA surged more than 8000% that was a huge profit produced by Verasity. After the month of April, the price line retraced back at the key level support of $0. 01 . Right now the price line is testing this key level support and there is also a 50 simple moving average on the weekly time frame just below the key level support which is also working as very strong support for the price action of Verasity e
Moving at the resistance for a long time:
On the daily time frame, the price action of VRA is moving in a falling wedge pattern. It can be observed that the price line is making more attempts to break out the resistance than breaking down the support. We can also notice that after 29th June the priceline is not reaching the support of this falling wedge pattern and moving at the resistance.
If we take a look at the Bitcoin daily timeframe chart, then it is also going through the same situation. For the past several days the priceline of Bitcoin is moving at the resistance of the falling wedge and making more attempts to break out the resistance of the wedge than breaking down the support.
On the daily time frame chart, the priceline of VRA has formed a bullish BAT. The buying and sell targets of this BAT pattern can be as below:
Buy between: $0.01024 to $0.009801
Sell between: $0.01128 to $0.01286
$0.009801 can be used as a stop loss. As per the above targets, this trade has a profit possibility of up to 31%, and the loss possibility is 5%.
Weekly bullish BAT move:
On the weekly time frame chart, the price action has formed a big bullish BAT pattern. There is also a 50 simple moving average support in the buying zone.
As per the Fibonacci sequence, the buying and sell targets of this Cypher pattern can be as below:
Buy between: $0.0123 to $0.0067
Sell between: $0.0255 to $0.0454
The maximum extent of potential reversal zone $0.0067 can be used as stop loss. As per the above targets, this trade has a huge profit possibility of 577%, and the big loss possibility is 46%. However, in order to minimize the risk, we can use the 50 SMA weekly as a stop loss.
For the past several days, the price action of Verasity is moving at the resistance of the falling wedge and having nice support at $0. 01 . It is possible that the price action moves a little bit down and starts a reversal move because now this time on the daily time frame it has formed another bullish reversal harmonic BAT move.
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