Elliott Wave Analysis TradingLounge Daily Chart
In both the daily and 4-hour charts of VeChain/USD (VETUSD), Elliott Wave analysis indicates a corrective phase within a flat structure. Identified as Wave ((C)), the current position suggests a countertrend move, potentially forming Wave II of a larger impulse wave.
VeChain/USD (VETUSD) Elliott Wave Technical Analysis
Function: Counter trend
Mode: Corrective
Structure: Flat
Position: Wave ((C))
Direction Next Higher Degrees: Wave II of Impulse
Wave Cancel Invalid Level: 0.2100
Details: Wave II equals 50% of Wave I at 0.0270
VeChain/USD (VETUSD) Trading Strategy:
The short-term retracement of the second wave is likely to retest the 50% level of the first wave at 0.0270. We anticipate further downside movement, albeit as a pullback in the short term. Await completion of the correction to rejoin the uptrend.
VeChain/USD (VETUSD) Technical Indicators:
The price remains above the MA200, signaling a downtrend. The Wave Oscillator exhibits bearish momentum.
Elliott Wave Analysis TradingLounge 4H Chart
VeChain/USD (VETUSD) Elliott Wave Technical Analysis
Function: Counter trend
Mode: Corrective
Structure: Flat
Position: Wave ((C))
Direction Next Higher Degrees: Wave II of Impulse
Wave Cancel Invalid Level:
Details: Wave C equals 161.8% of Wave A at 0.0265
VeChain/USD (VETUSD) Trading Strategy:
The short-term retracement of the second wave is likely to retest the 50% level of the first wave at 0.0270. We expect further downward movement, albeit as a short-term pullback. Await completion of the correction to rejoin the uptrend.
VeChain/USD (VETUSD) Technical Indicators:
The price remains above the MA200, signaling a downtrend. The Wave Oscillator exhibits bearish momentum.
In conclusion, VeChain/USD (VETUSD) exhibits characteristics of a corrective phase within a flat structure. While short-term retracements are expected, the broader trend suggests an eventual continuation of the uptrend. Traders should exercise patience and await the completion of corrections before considering re-entry into long positions, keeping a close eye on key support and resistance levels for confirmation of trend continuation.
Technical Analyst: Kittiampon Somboonsod
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
See Previous: XRP/ U.S. dollar(XRPUSD)
TradingLounge Once Off SPECIAL DEAL: Here > 1 month Get 3 months.
TradingLounge's Free Week Extravaganza!
April 14 – 21: Unlock the Doors to Trading Excellence — Absolutely FREE
