Looking at ve chain here on the 4hr time frame.
- Focusing on the outer structure and the bigger picture play happening with this coin we can see price has previously had a major impulsive leg to the upside reaching its most recent all time high.
- Since then price has been corrective in a bearish trend with price forming a symmetrical testing and respecting the trend lines on the upper and lower areas of the structure,
- Most recent price action shows that price has rejected the second touch of the outer triangle and had made an impulsive push to the lower part of the structure.
- Price is now currently in a bear flag continuation pattern. I am anticipating price to make a third touch to this pattern before making the continuation to the downside where there is a high probability of price testing the fib support area near the green box.
- There is also a possibility that price may confirm support at this current fib level located at the orange box area, after price may confirm support from these areas we may see and impulsive push to the upside if price breaks out of the symmetrical triangle.
- Focusing on the outer structure and the bigger picture play happening with this coin we can see price has previously had a major impulsive leg to the upside reaching its most recent all time high.
- Since then price has been corrective in a bearish trend with price forming a symmetrical testing and respecting the trend lines on the upper and lower areas of the structure,
- Most recent price action shows that price has rejected the second touch of the outer triangle and had made an impulsive push to the lower part of the structure.
- Price is now currently in a bear flag continuation pattern. I am anticipating price to make a third touch to this pattern before making the continuation to the downside where there is a high probability of price testing the fib support area near the green box.
- There is also a possibility that price may confirm support at this current fib level located at the orange box area, after price may confirm support from these areas we may see and impulsive push to the upside if price breaks out of the symmetrical triangle.