Highlights:
As VETUSD nears end on the descending triangle patter, VETBTC completes Head and Shoulder pattern. These markets are set for bull race.
Key Levels:
Resistance levels: $0.0042, $0.0046, $0.005;
Support levels: $0.0036, $0.0033, $0.003;
VET-USD Market
Reaching the peak of $0.0055 in last two months, the value of Vechain took a gradual slope in a zigzag pattern; using $0.0038 support as a retracement point. This strong support level has been tested thrice. The next swing is expected to take a rise or fall. The actual direction is unknown. However, this pattern usually follows a bullish move. Check the Stochastic RSI; it is ready for a north wave.
Viewing the descending triangle, it is glaring the price movement is at the close of the angle; selling momentum nears end. This signals a potential break. A break-in would found Vechain price supports at $0.0036 and $0.0033. Otherwise, a surge would speedily hit $0.0042 resistance.
On the 4 hours RSI, the trade is still maintaining a low swing. It suggests the trend is aiming the oversold.
VET-BTC Market
After making bottom at 103 SAT in 2018, the price shoots to126 SAT resistance. Then a retracement went back to test the 103 SAT support before the impulsive movement which lasted to the previous resistance area; now created an head and shoulder (H&S) pattern.
Today, VET revealed the H&S pattern as just completed in the last four hours; closing on a pin bar candle. This indicates a bullish signal. In a short time, 116 and 127 SAT resistance level would be visited. The Stochastic RSI confirms the bull-run as it prepares to leave the oversold zone.
On the Medium-term trend, the RSI indicator shows low market strength. However, its direction is up; revealing buyers’ reaction. Breaking the neck of the H&S should send price straight to 103 SAT support. By then, the RSI would be positioned at the oversold.
