The price drop in the wake of the much anticipated rebranding is very psychologically damaging. Many many people were wildly bullish. These people need to be cleansed.
If Vechain breaks below the flag, it could decline much further. Odds are however, it bounces first.
In this chart, you can see when the 8h stochastic has hit ZERO in the past, one more brutal decline followed.
Anything can happen, but major technical damage has been done. It's still long term bullish, but I will look for opportunities at lower levels, starting around support at .0046
If Vechain breaks below the flag, it could decline much further. Odds are however, it bounces first.
In this chart, you can see when the 8h stochastic has hit ZERO in the past, one more brutal decline followed.
Anything can happen, but major technical damage has been done. It's still long term bullish, but I will look for opportunities at lower levels, starting around support at .0046
It's fallen further and MIGHT be bottoming. It's worth a small shot to see if this level holds. Still risky, but a good trade is rarely without risk.