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Vechain – 3 days before the big day

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Let's have a look at this crazy graph, in our great expectation of Monday 26/02 - rebranding day!

In my previous posts I called the first buy and sell moments in 1 and 2 respectively.

Then we got to the end of the white triangle formation with all indicators going for it, Vechain broke out. It moved right up to breaking out of triangle number 2. (I made the post there of "Strong support for Vechain Thor". And it is now very close to its rebranding moment on 26/02 (Monday).

This is a Heikin Ashi chart. And as you can see in the last three candles, the dojis and spinning top tell us that there is lots of indecisiveness now regarding where price should go next.

This is actually a bullish sign in this case, because the entire crypto market is shaking on its foundations again the last couple of days, with Bitcoin retracing from its almost uber-bull break-out, for which we’ll just have to keep waiting a little longer. So, the market goes down, and Vechain is consolidating at this new price level with no clear direction yet.

If we look at the stochastics, we see a bullish cross in the MACD and all the bullish momentum that still has to come from there. The RSI is showing slight upward momentum. Volume is halting a bit… VEN rebranding day shall have to tell us more on the next price movements. But given that the rumours go that they might perhaps announce a BMW partnership together with their rebranding, maybe this time the old adage of "buy the rumour sell the news” might maybe be “buy the rumour and buy even more on the news” - that is: if Vechain indeed would play it clever on rebranding day.

Notice that Vechain is also actually trading in a shorter term upward trend channel.

Support levels are at

- 52922 sat, and 51522 sat
- Next support at 45110 sat, and 42278 sat

Resistance at

- 58409sat
- 63896 sat

Good luck and have a look at my website where I also explain the fundamental story behind this gem (7 reasons why vechain will soon be one of the crypto top 5) ;-)

This is not investment advice, DYOR

ノート

The day after tomorrow - rebranding day +1:

As I mentioned in the post, there was a likely partnership with BMW in the making - Vechain made that official yesterday! That is great fundamental news, and if we have a look at the partnerships Vechain already has today - you'll notice a very promising story. Check out my website in my profile (and/or twitter), where I made a fundamental analysis of #vechain on this very topic (and also a pricing calculation valuing #vechain at $368 if we estimate their future traffic on the VET-platform.

Now that is out of the way, we do see a big fat red candle yesterday. Vechain wasn't able to spectacularly counter the "buy the rumour sell the news" phenomenon. In the short term, this could be hurting some of you - but if you just HODL this gem, you likely won't be disappointed in the longer term.

What does the chart tell us then:

The red candle hit fibonacci short term support on 52922 sat, so we have support there for the time being. Next levels would be 51522 and 45110. However: we also have the basis of the pink triangle as a support on 51211. Vechain will likely consolidate a bit first before a next upward move, but given the relatively strong upward momentum until now, I don't think we should expect too much downward retracement (the fundamental story remains epic for now!). Nevertheless, some panic selling could take us somewhat lower, which would allow for some interesting entry points.

On the 4-hourly: RSI oversold, MACD still bearishly. We do clearly see supporting setting in.

ノート

Like I said above, we are seeing a test of the 78,6 level at 45110 sat as the low point. That's tough. Next one would be 42278 but we should actually find some support here I believe. I'll be posting in a new thread on anything new - so feel free to follow.