VeChain Textbook Ascending Triangle
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Vetchain has remained very bullish since the last rally. It is bouncing off resistance at 0.265 and the ascending triangle support which is typically a bullish pattern determined by breaking of the top horizontal resistance line which could trigger a rally once again.
Pros:
- The structure remains very strong despite bitcoin correction, validates an ascending triangle pattern.
- Indicators are being fixed, looking ready for rally (etc moving averages coming together)
Cons:
- Unstable time in the crypto market, BTC hanging on support if break below there will be more downside for all altcoins.
Personal trade idea: enter at break above 0.265 with retest / buy at accessing triangle supports. SL 0.195
Pros:
- The structure remains very strong despite bitcoin correction, validates an ascending triangle pattern.
- Indicators are being fixed, looking ready for rally (etc moving averages coming together)
Cons:
- Unstable time in the crypto market, BTC hanging on support if break below there will be more downside for all altcoins.
Personal trade idea: enter at break above 0.265 with retest / buy at accessing triangle supports. SL 0.195
Nota
We broke down the ascending triangle structure which makes the technical picture 'less bullish'. However, we're still yet to make a lower low, I am still bullish on this until we have a 4hr close below 0.2.Nota
Bitcoin selloff triggering crypto selloff with this Biden Black swan event. Unexpected!
Penafian
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