VET (VeChain): Channel Down
2024-08-31

Trade setup : Price is in a downtrend, trading in a Channel Down pattern, which typically resolves in a bullish breakout and a trend reversal. Trend traders: wait for such a breakout. Swing traders can trade the channel, enter near channel support trendline and exit near channel resistance trendline of $0.27.

 Pattern : Price is trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) - initiate a trade when the price breaks through the channel's trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout. Learn to trade chart patterns in Lesson 8.

 Trend : Short-term trend is Strong Down, Medium-term trend is Down and Long-term trend is Strong Down.

 Momentum : Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).

 Support and Resistance : Nearest Support Zone is $0.02, then $0.015. Nearest Resistance Zone is $0.024, then $0.027.