After some previous ideas of trying to find the bottom with Vechain, I’ve decided to wait until a better set up arrives. Now that we’ve been waiting for some time now, we now have a lot of different patterns that could potentially give us a Blue Sky Breakout, one of the most fun breakout patterns in a ticker.
Some of the patterns are a broadening top pattern, something that is similar to the SPX , this could either mean life or death for a ticker but in this case we have a Falling Wedge pattern that gives us confluence that this broadening top pattern could be used as a setup. This will mean that we need to watch resistance breakouts at 0.023 to 0.0267 levels to confirm this case. Another confluence is the nice bounce off the monthly trendline and CAM R4, a bounce off CAM R4 is a big telltale sign of continuation which adds on to the breakout of the pattern.
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I am not a financial advisor, trade at your own risk.
Published at Sun, 18 Oct 2020 17:50:45 +0000