VEN/BTC pair is strongly bullish right now, but only a valid breakout will validate a further increase.
VeChain (VEN)
Market Cap. $2.57B
Circulating Supply:525.78M VEN
Max Supply: 0 VEN
Volume (24h) $120.84M
VEN/USD = $4.8790
VEN/BTC could resume its bullish movement if it really manages to make a valid breakout. Price is trading in the green and resumed the yesterday’s bullish candle. The rate goes up after the breakout from the Falling Wedge pattern. VEN/BTC is trading at 0.00054630 level and seems determined to approach and reach some very important resistance levels soon.
Price increased sharply after the retest of the 50% Fibonacci level and now is trading well above the 38.2% retracement level. The upside movement is natural after it has escaped from the Falling Wedge and retested the 61.8% retracement level.
I’ve drawn a minor black ascending pitchfork to catch the upside movement. The rate has finally managed to make a valid breakout above the 50% Fibonacci line (ascending dotted line) of the minor pitchfork. It should take out the resistance from the median line (ml) as well.
VEN/BTC retested the lower median line (lml) and failed to close below it or on it signaling a significant upside movement.
You should know that a valid breakout above the median line (ml) will confirm a further increase towards the upper median line (uml). Resistance can be found at the 50% Fibonacci line of the minor ascending pitchfork, at the sliding line (SL) of the major ascending Pitchfork and higher, at the 23.6% retracement level.
Conclusion
The VEN/USD should increase further if it makes a valid breakout above the median line (ml). A further increase will be invalidated only by a valid breakdown below the outside sliding line (sl2) of the major ascending pitchfork. Price could approach the 0.00081678 swing high if it makes a valid breakout above the sliding line (SL).
©Forex.Acedemy
