$VET VeChain Elliott Wave Analysis TradingLounge Daily Chart, 4 July 2023, VeChain/U.S.dollar(VETUSD) 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: 0.01318 Details: Wave V is likely to end at the level of 0.01318. A five-wave rise will support this idea.
VeChain/U.S.dollar(VETUSD)Trading Strategy: VeChian recovered well from the 0.01318 level and was able to form a strong five-wave structure, giving Chainlink the opportunity to form a new uptrend. Still, the price is still below the MA200 line, giving the price a chance to face selling pressure. So be careful of the resistance at the MA200 line.
VeChain/U.S.dollar(VETUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, Wave Oscillator are bullish momentum
VETUSD DAILY CHART
#VETUSD Elliott Wave Analysis TradingLounge 4H Chart, 4 July 2023, VeChain/U.S.dollar(VETUSD) VETUSD Elliott Wave Technical Analysis Function: Follow trend Mode: Motive Structure: Impulse Position: Wave (5) Direction Next higher Degrees: wave ((1)) of Impulse Wave Cancel invalid Level: 0.01318 Details: Wave 5 is usually equal to .618 multiplied Length of wave 1 through wave 3
VeChain/U.S.dollar(VETUSD)Trading Strategy: VeChian recovered well from the 0.01318 level and was able to form a strong five-wave structure, giving Chainlink the opportunity to form a new uptrend. But there may be a correction in wave ((2)) before rising higher. Wait for wave ((2)) to complete to join the trend again.
#VeChain /U.S.dollar(VETUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillator are bullish momentum
VETUSD CHART 4 HOUR
Source: tradinglounge com Analyst: Kittiampon Somboonsod, CEWA
