VETBTC Price Analysis – June 17
The pair fell to its lowest close ever and this close is in play now for the 6th day in a row. Also, VETBTC has broken below yesterday’s low forming the downtrend structure to the bear’s advantage.
Demand Level: 0.0000092, 0.0000086
Supply Level: 0.0000080, 0.0000070
VETBTC long term trend: Bearish
Vechain is moving in a bearish momentum for the 6th day in a row. Yesterday’s close at 0.00000081 marks the lowest recorded closing price ever; closing below Saturdays low level at 0.00000083,VETBTC just confirmed its breakout after trading up to 0.00000076 below the intraday.
Analyzing the events played out on the daily chart for the long term, we can see it’s a bearish trend. Also showing an intact downtrend in the long term.
VETBTC Short term trend: Bearish
The short term chart analysis of the 4-hour trend has shown an unusually strong downward momentum in the short term.
This might either indicate a potential selling climax after which prices could head back up toward the upper resistance on the level at 0.00000086 or later signal the beginning of a strong momentum breakout leading to even lower prices. The trend is bearish.
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