VeChain Price Analysis -- June 8, 2018
My full, co-authored, Price Analysis can via Brave New Coin >> bravenewcoin.com/news/vechain-price-analysis-positive-trend-evident/
Summary
In the short-run, one would expect that the strong start to June will continue as hype surrounding the mainet launch continues. The technicals for VEN are mixed and bearish, but price is currently forming a positive trend while re-attempting a Kumo breakout from an oversold bounce.
The prudent short term trader (10/30/60/30 settings) will await a positive TK cross, Kumo breakout, and price hold above $4.70 before entering a long position. The prudent longer term trader (20/60/120/30 settings) will await a positive TK cross, Kumo breakout, and price hold above $5.89 before entering a long position.
Given the current oversold bounce and uptrend, price targets of $4.25, $4.50, and $5 are likely. Additionally, given the wedge and channel breakout trends, a failed Kumo breakout would probably be short-lived until a successful breakout occurred with price targets of $6, $7, and $8 (longer term). However, awaiting a successful Kumo breakout may help avoid a “head fake” and the accompanying downside risk of $3.50, $3, and $2.50.
Summary
In the short-run, one would expect that the strong start to June will continue as hype surrounding the mainet launch continues. The technicals for VEN are mixed and bearish, but price is currently forming a positive trend while re-attempting a Kumo breakout from an oversold bounce.
The prudent short term trader (10/30/60/30 settings) will await a positive TK cross, Kumo breakout, and price hold above $4.70 before entering a long position. The prudent longer term trader (20/60/120/30 settings) will await a positive TK cross, Kumo breakout, and price hold above $5.89 before entering a long position.
Given the current oversold bounce and uptrend, price targets of $4.25, $4.50, and $5 are likely. Additionally, given the wedge and channel breakout trends, a failed Kumo breakout would probably be short-lived until a successful breakout occurred with price targets of $6, $7, and $8 (longer term). However, awaiting a successful Kumo breakout may help avoid a “head fake” and the accompanying downside risk of $3.50, $3, and $2.50.
Penafian
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