Vechain, VENBTC good project with solid team and partnerships so a good coin for the long-term.
They also plan to have their mainnet launched by the end of this month/June. This should be the driving force for the recovery or the next leg up for VENBTC.
But let's take a look at the chart and see what we can come up with.
As you can see in the chart, we have probably finished wave 4 cause a double bottom has been made by touching twice the .618 - .65 fib retracement level. This is pretty significant
If this was the bottom then we should see VENBTC recover from here and look to break the "neck" resistance line at around 60.500 satoshis.
When we do we might see a little retracement to test the neckline again but when the momentum and the market sentiment is favorable, we should see VENBTC moving up to at least a 1:1 extension at around 67.770 satoshis.
And with strong momentum and market sentiment, we should aim for the 1.272 - 1.618 extension levels.
But it goes without saying, especially in this bear market/negative sentiment, VENBTC can only recover and move up fully when the market/BTC recover as well so always keep in eye on the Big "B".
Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it. This is for good karma.
And until next time, good luck with your trading!
They also plan to have their mainnet launched by the end of this month/June. This should be the driving force for the recovery or the next leg up for VENBTC.
But let's take a look at the chart and see what we can come up with.
As you can see in the chart, we have probably finished wave 4 cause a double bottom has been made by touching twice the .618 - .65 fib retracement level. This is pretty significant
If this was the bottom then we should see VENBTC recover from here and look to break the "neck" resistance line at around 60.500 satoshis.
When we do we might see a little retracement to test the neckline again but when the momentum and the market sentiment is favorable, we should see VENBTC moving up to at least a 1:1 extension at around 67.770 satoshis.
And with strong momentum and market sentiment, we should aim for the 1.272 - 1.618 extension levels.
But it goes without saying, especially in this bear market/negative sentiment, VENBTC can only recover and move up fully when the market/BTC recover as well so always keep in eye on the Big "B".
Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it. This is for good karma.
And until next time, good luck with your trading!
