Author: Ivan Delgado Apr Two, at 08:02
- VEN/BTC spikes on Bithumb listing, 43.5k satoshis a gooey resistance te the very very first stir up.
- Dominance of 41,750 will be key schrijven term, with a rust above on volume to resume uptrend.
- Buyers expected to re-engage on buy-side business on a re-test of the 50% retrac.
The price of Vechain has seen a major boost after traders learnt that the crypto asset had bot officially listed on the largest Korean exchange Bithumb. Te the 1m chart, the price instantly teug up from 34,000 satoshis all the way up to 43,500 satoshis, te what represents more than a 25% build up te the span of a few minutes spil momentum traders and bots capitalize on the violating news. After the dust lodged a bit, wij now can start to decode some valuable clues the chart provides. Let’s embark.
Very very first of all, you will notice that the area omstreeks 40,000 satoshis provides the very very first short-term support, with an initial absorption on the very very first test and a 2nd volume spike. However, buyers are now fighting to maintain the momentum above the 41,750 satoshis, which is where the POC (Point of Control) has bot established. For now, more time has bot spent above the POC, which suggests that a significant number of buyers perceived higher value, hence further tests may be expected.
Any further setback off highs may see the area around 38,000 satoshis spil the next support, spil it intersects with the 50% retracement of the latest bull run. On big momentum candles like the one seen, a buy-order at the 50% retrac for a retest of highs and a zekering loss below the origin of the request area tends to work wonders if applied consistently. Note, Vechain has accumulated a large number of positive news ter latest times, supporting the bullish case.
If sellers re-take the 38,000 satoshis, and if combined with a sell-off ter BTC/USDT, expect the origin of the request towards the 34-35,000 satoshis to be a major support that will attract slew of buying rente.
- Given the discrepancies ter price levels on different exchanges, te order to keep our technical studies consistent, the chart selected for analysis is generally the superior by trading volume. Extrapolate levels to your own respective charts.
- The volume profile analysis tracks trading activity overheen a specified time period at specified price levels. The investigate exposes superior and/or significant price levels based on volume. This process permits understanding market opacity.
- The yellow rectangles te the chart represent the areas of most rente by trading volume, and should act spil walls of bids/offers that may result te price reversals.
- Technical analysis is subject to fundamental-led news (inter-dependent). Any unexpected news may cause the price to behave erratically te the geschreven term, while still respecting the most distant price references given.
Don’t leave behind to check out CoinLive’s 24/7 News Terminal & Join our Discord Channel. Our dedicated team of analysts permits you to stay informed on all the latest developments ter the crypto space