A friend brought VEN-BTC to my attention, tradable on Binance. I'm impressed with how little the correction held sway on it. Notice how oversold it is despite holding onto very strong bullish direction.
I see a flag formation and this is a blue sky bull trend, so I'll look for the volume to constrict as well as the price to obey the triangle, and then a break of inside bars to determine which way this will go.
We did have an inside bar bull break about 5 hours ago, but this was not with significantly diverging volume.
I see this has had a lot of volume so I really see no weak points despite such a steady run-up. Looking at the 1hr with some congestion zones, I really see thickness throughout.
The recent cloud flip is primarily due to the overall market correction
This is the fib extension based on the trend that I've plotted out.
Based on previous trends, I see the most resistance around the 50% range. A meaningful target may be:
1st target: 0.00059156
2nd target: 0.00082848
To learn how I plotted this and try it yourself, check out this super helpful video: www.youtube.com/watch?v=BLTYz_il...
I see a flag formation and this is a blue sky bull trend, so I'll look for the volume to constrict as well as the price to obey the triangle, and then a break of inside bars to determine which way this will go.
We did have an inside bar bull break about 5 hours ago, but this was not with significantly diverging volume.
I see this has had a lot of volume so I really see no weak points despite such a steady run-up. Looking at the 1hr with some congestion zones, I really see thickness throughout.
The recent cloud flip is primarily due to the overall market correction
This is the fib extension based on the trend that I've plotted out.
Based on previous trends, I see the most resistance around the 50% range. A meaningful target may be:
1st target: 0.00059156
2nd target: 0.00082848
To learn how I plotted this and try it yourself, check out this super helpful video: www.youtube.com/watch?v=BLTYz_il...
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Lots of chatter around this project. www.reddit.com/r/Vechain/
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Bull break of daily and 4h inside bars. Bitcoin still holding ground.
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Regarding VEN-BTC on thedaily time frame, I see this as a healthy reset of the TD sequential countdown and the fast that we saw a green 2 trading above the high of the green 1 as it broke out of the flag, while simultaneously following through with a bull break of the same inside candle is a good sign. The RSI is still oversold and volume is healthy but stabilizing, though the moving averages of the RSI are crossing bullish.
I imagine we'll see more upside, particularly if BTC continues to climb a bit further, though this is probably a false triangle breakout. I expect more retracement, mainly due to the overall market correction. If you're still riding it, you may consider taking some off the table and holding part of your position for a little longer. I'd look to enter again later, after a second breakout on higher volume that breaks above the high of the previous inside bar/ TD sequential bull signal setup. A steep drop in BTC will also drag down the alts, and slow down their recovery. This would give you time to accumulate a cheaper position.
