02Feb

Elliott Wave Analysis: VeChain (VETUSD) Technical Outlook - February 2, 2024

Elliott Wave Analysis TradingLounge Daily Chart, 2 February 24, 

VETUSD Elliott Wave Technical Analysis

In this Elliott Wave Analysis from TradingLounge, we delve into the VeChain/U.S. dollar (VETUSD) pair, focusing on its potential trading opportunities.

Functioning within the framework of Elliott Wave theory, VETUSD exhibits a Motive Mode with an Impulse Structure, currently positioned at Wave ((5)). Anticipated movement suggests an upward trajectory, with Wave I of Impulse at the next higher degree.

Key technical details highlight a critical invalidation level at 0.2100, with Wave ((5)) mirroring 61.8% of Wave ((1)) through Wave ((3)) at 0.04095.

Trading Strategy: Following the completion of the fourth wave correction, a fifth wave of upward momentum is anticipated. The target level for this move is set at 0.04095, aligning with the 61.8% retracement level of Wave 1 through Wave 3.

Technical Indicators: Notably, the price remains above the MA200, indicating an uptrend, with Wave Oscillators reflecting bullish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

For more insights and analysis, visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

VETUSD-Day-Crypto-Ch...

 


 

Elliott Wave Analysis TradingLounge 4Hr Chart, 2 February 24,  

For a comprehensive view of the market, let's also explore the Elliott Wave Analysis for Polkadot/U.S. dollar (DOTUSD) pair.

Functioning similarly to VETUSD, DOTUSD follows a Motive Mode with an Impulse Structure, currently positioned at Wave ((5)). Key levels and technical details mirror those of VETUSD, offering potential trading opportunities.

Trading Strategy: Likewise, DOTUSD anticipates a fifth wave increase following the completion of the fourth wave correction. The target level aligns with the 61.8% retracement level of Wave 1 through Wave 3.

Technical Indicators: Contrary to VETUSD, DOTUSD's price is below the MA200, indicating a downtrend. Additionally, Wave Oscillators reflect bearish momentum.

For a comprehensive analysis and potential trading setups, continue to monitor the Elliott Wave patterns and technical indicators.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

See Previous: Polkadot/U.S. dollar(DOTUSD)

VETUSD-4h-Crypto-Cha...

Related

NIKKEI 225(N225) Indices Elliott Wave Technical Analysis: Breaks down both daily and weekly market movements

NIKKEI 225(N225) Indices Elliott Wave Technical Analysis: Breaks down both daily and weekly market movements

This detailed analysis of the NIKKEI 225 index through the lens of Elliott Wave theory breaks down b...

Read More >
GBPAUD Elliott Wave Technical Analysis: Corrective Wave 2, Retracement Dynamics, Invalidation Levels, and Trading Strategies Explained

GBPAUD Elliott Wave Technical Analysis: Corrective Wave 2, Retracement Dynamics, Invalidation Levels, and Trading Strategies Explained

Unlock expert insights into GBPAUD Elliott Wave analysis, focusing on corrective wave 2 within the l...

Read More >
Costco Wholesale Corp.(COST:NASDAQ) Elliott Wave Technical Analysis 19 October 23

Costco Wholesale Corp.(COST:NASDAQ) Elliott Wave Technical Analysis 19 October 23

Costco Wholesale Corp.(COST:NASDAQ) Elliott Wave Technical Analysis 19 October 23, We have been movi...

Read More >
WTI Crude Oil Forecast and Elliott Wave Technical Analysis - Market Trends and Trading Strategies

WTI Crude Oil Forecast and Elliott Wave Technical Analysis - Market Trends and Trading Strategies

Explore in-depth Elliott Wave analysis of WTI crude oil, including current market trends, price pred...

Read More >
U.S.Dollar/Swiss Franc (USD/CHF)  Forex Elliott Wave Technical  and Currency Pair Analysis

U.S.Dollar/Swiss Franc (USD/CHF)  Forex Elliott Wave Technical and Currency Pair Analysis

This analysis delves into the USD/CHF market dynamics using Elliott Wave theory, providing insights ...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on