VEN/BTC has gained nearly 74% from the triangle breakout on 6H graph on the left.
We have two candlesticks that cannot break the Fib Ext 127.2% (0.00082018), therefore VEN may face a possible correction.
When we watch carefully that these candlesticks also shown a support at Fib Ext 100% (0.00072183)
With the help of ADX indicator:
ADX line is still running smooth that the current 6H market is trending (i.e. sideways)
-DI is in a very low level. It may soon go up and the price will go down.
The daily chart on the right is shown by a log scale. VEN is running inside an upward channel (good for long term)
For short term correction, the blue star is the critical price to confirm whether it will rebounce from the middle line of the channel, or it falls.
Coincidently, the price where the blue star lies, is very close to the price of Tenkan-sen on the 6H chart.
We have two candlesticks that cannot break the Fib Ext 127.2% (0.00082018), therefore VEN may face a possible correction.
When we watch carefully that these candlesticks also shown a support at Fib Ext 100% (0.00072183)
With the help of ADX indicator:
ADX line is still running smooth that the current 6H market is trending (i.e. sideways)
-DI is in a very low level. It may soon go up and the price will go down.
The daily chart on the right is shown by a log scale. VEN is running inside an upward channel (good for long term)
For short term correction, the blue star is the critical price to confirm whether it will rebounce from the middle line of the channel, or it falls.
Coincidently, the price where the blue star lies, is very close to the price of Tenkan-sen on the 6H chart.
