Ladies and gentlemen,
Here we have an excellent range play from VEN. Buy near bottom, sell near the top. The range is between 48K and 60K which gives you a nice range of 50-58K of play. That is about 16% of profit and you can rinse & repeat until we break 60K. This should last for about 30-45 days.
The technicals behind this trade:
We are currently in wave (4) of this first wave of (iii). Fourth waves are notoriously complicated with lots of sideway actions.
We’ve hit a key resistance at 60K, also a psychological barrier for some and most HODLers are probably still stuck in VEN from the last major announcement with BMW. With us being denied at the first glance at 60K, chances are there will be lots of sellers the next time we see this range. We have 9 bars respecting this resistance from Feb.
The divergence in RSI should send VEN very far south but we have quite a bit of support established from March highs and Feb lows as well as the 100D MA currently just north of 46K. When we’re trading below an RSI resistance trend line, we typically either go down or sideways. In our case, likely sideways since the support is very strong at this 48K level.
I expect for us to continue to bounce at these levels until BTC finds the courage to start heading north. In the mean time, have fun with this dance. If we break either support or resistance, of course this idea would be invalidated
Found this idea to be entertaining or absolute garbage? Feel free to let me know with a like or comment. As always, good luck and stay safe!
Kinashi-San
*For pure fun and joy, not financial advice. Not a recommendation to buy sell or hold.*
Here we have an excellent range play from VEN. Buy near bottom, sell near the top. The range is between 48K and 60K which gives you a nice range of 50-58K of play. That is about 16% of profit and you can rinse & repeat until we break 60K. This should last for about 30-45 days.
The technicals behind this trade:
We are currently in wave (4) of this first wave of (iii). Fourth waves are notoriously complicated with lots of sideway actions.
We’ve hit a key resistance at 60K, also a psychological barrier for some and most HODLers are probably still stuck in VEN from the last major announcement with BMW. With us being denied at the first glance at 60K, chances are there will be lots of sellers the next time we see this range. We have 9 bars respecting this resistance from Feb.
The divergence in RSI should send VEN very far south but we have quite a bit of support established from March highs and Feb lows as well as the 100D MA currently just north of 46K. When we’re trading below an RSI resistance trend line, we typically either go down or sideways. In our case, likely sideways since the support is very strong at this 48K level.
I expect for us to continue to bounce at these levels until BTC finds the courage to start heading north. In the mean time, have fun with this dance. If we break either support or resistance, of course this idea would be invalidated
Found this idea to be entertaining or absolute garbage? Feel free to let me know with a like or comment. As always, good luck and stay safe!
Kinashi-San
*For pure fun and joy, not financial advice. Not a recommendation to buy sell or hold.*
