Potential bear flag set up on VEN, watch around the trendlines

VEN is heavily overbought on the weekly and has a bear flag set up on the daily. Be careful of the bottom of the trendline areas, particularly if there is a "sell the news" event when the rebrand happens. That sell the news could trigger the price action to send it below the trendline to begin the second wave of the flag pattern.

Also see the above weekly chart. Potential double shooting star setup indicating further bearishness, depends on where the candle closes this week.

Note that bear flags typically work better on BTC than on alts, because alts are volatile and sentiment can change easily with news.

Komentarz:

And it was so