Hey friends, hope you are well and welcome to the new update on the Vechain (VET)
Breaking out the triangle:
On the 3rd of June, the price action of VET broke out the resistance of the symmetrical triangle on the daily time frame chart and now it is re-testing the previous resistance of the triangle as support.
When to buy?
Even though it can be the right time to buy the VET while it is re-testing the previous resistance as a support but can be bit risky. To minimize the risk factor we can wait for the candlestick to close above the high of the breakout candlestick which is $0.1450 on the daily time frame chart.
The stop loss and the sell target:
Once you decide to buy, then two points can be used as a stop loss:
1. The support of the triangle
2. The recent swing low before the break out which is $0.11.
The technical sell target for this triangle is $0.19.
Moving against the Market:
We can observe that Bitcoin is still moving in the triangle but on the other side the VeChain has ignored the market’s trend and broke out the resistance. Therefore, if the BTC breaks out the triangle then VET can produce more profit than Bitcoin.
Support and resistance levels:
After the recent drop, the price action of VET has been bounced from the $0.08 strong support. There is also additional support of 200 simple moving average on the daily chart just below the $0.08 and the price action also used 200 SMA support for this bounce as well. Now the price action is struggling to break out the $0.14 resistance. After $0.14 resistance there are $0.19, $0.24, and $0.27 resistance levels respectively.
Conclusion:
The Vechain has broken out the triangle before the Bitcoin . Therefore in case of the BTC breakout it can be the top mover among the top altcoins.
For more harmonic trading ideas you can join:
https://www.patreon.com/moon333
Link for BINANCE exchange, the best place to buy or sell Crypto:
https://www.binance.com/?ref=11256882
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