VeChain (VETUSD) Elliott Wave Technical Analysis: Daily Chart

VeChain / U.S. dollar(VETUSD)

VETUSD Elliott Wave Technical Analysis

Elliott Wave analysts at TradingLounge dissect the VETUSD pair on the daily chart for February 6, 2024. The analysis reveals a motive impulse structure in Wave ((5)). With Wave ((5)) equaling 61.8% of Wave ((1)) through Wave ((3)) at 0.04095, traders anticipate a bullish momentum.

The trading strategy suggests the completion of the fourth wave correction, signaling a potential surge in the fifth wave. The price is positioned above the MA200, indicating an uptrend, with wave oscillators showing bullish momentum. Expectations are set for a test of the 0.04095 level, representing 61.8% retracement of Wave 1 through Wave 3.

TradingLounge Analyst Insight

Providing expert analysis is Kittiampon Somboonsod, CEWA, from TradingLounge. Stay informed with precise market insights and analysis.

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

VeChain (VETUSD) Elliott Wave Technical Analysis: 4-Hour Chart

VeChain / U.S. dollar(VETUSD)

VETUSD Elliott Wave Technical Analysis

Delve deeper into the VETUSD pair's Elliott Wave analysis on the 4-hour chart, as examined by TradingLounge experts on February 6, 2024. The analysis mirrors the daily chart, highlighting a motive impulse structure in Wave ((5)). Wave ((5)) echoes 61.8% of Wave ((1)) through Wave ((3)) at 0.04095, setting the stage for potential bullish movements.

Traders observe a completed correction in the fourth wave, anticipating a fifth wave surge. Despite being below the MA200, indicating a short-term downtrend, wave oscillators hint at a bearish momentum. This comprehensive analysis equips traders with insights into market trends and potential trading strategies.

TradingLounge Analyst Insight

Providing expert analysis is Kittiampon Somboonsod, CEWA, from TradingLounge. Stay informed with precise market insights and analysis.

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

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