The community also chose VET this week. Let's go and see how Vechain is doing at the moment. On the weekly chart little has changed. The previous two weeks candles have been printed showing that the ebulls want to keep the price down, but they still miss the acceleration for it. The price is still around the golden pocket and the ema's are crossed bullishly. The volume is decreasing which can also be seen on the rsi which is slightly decreasing and still moves just below the center line. The added ema on the rsi is descending harder than the rsi, is there a bullish crossover coming?
https://www.tradingview.com/x/Z3uLF0fi/
Didn't have a crazy week after last week's analysis. The price is moving upwards as indicated by the blue - - trend line. However, it has not yet been possible to print a higer high on the chart. The grey block plus the confluence with the ema200 still offer quite some resistance at the moment. When you combine the gray resistor block with the blue uptrend line we see an ascending triangle.
The ema's are bearishly crossed and also the rsi is still above the ema but has trouble getting above the middle line. We also see the volume running back but given the falling wedge at the end this is only good for a breakout.
https://www.tradingview.com/x/qH5izYMq/
As we discussed in the previous analysis, the price indd had a bearish rejection (green circle) of -8% on the red outlined block. Then a higer low, an equal high and again a higer low was printed on the chart. Currently the price is on its way to test the grey block again, this would be the third time and as a rule, the more often it is tested, the weaker the resistance or support becomes. The ema's are still bearish but seem to want to change course. The rsi has managed to cross the ema bullish and has already had a successful retest on the ema.
https://www.tradingview.com/x/tOvvkfvA/
Conclusion:
I think the chance of an increase is greatest. For this the grey block has to be broken in order to form a structure break. Most likely VET will then expect around 0.5 fibonacci and the monthly ($0.01285 - $0.01350) open some resistance. And if it goes by the book we can expect a retest of the outbreak on the gray block.
I think the chance of a drop is small, but keep the following in mind. If we break the blue uptrend line at the bottom, the course could still drop to the yellow block in order to stay bullish long term.
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