Hey friends, hope you are well, and welcome to the new update on Verasity ( VRA ).
Weekly 50 SMA and 0. 01 support:
The price line of the VRA coin is moving above $0. 01 support level and the weekly 50 simple moving average, same as like the Bitcoin is moving above the weekly 50 SMA and being accumulated above this SMA.
Therefore once Bitcoin will start moving up the Verasity can turn more bullish than Bitcoin
STOCH AND MACD:
If we take a look at the weekly time frame chart, and place stochastic and moving average convergence divergence ( MACD ) indicators, then it can be clearly seen that the stochastic has entered the oversold zone and clearly showing that the market is oversold. But the MACD is still very strongly bearish. Therefore, we can wait for the MACD to change from strong bearish to weak bearish then there can be a big move expected.
FALLING WEDGE:
On the daily time frame chart, the priceline VRA coin is moving in a falling wedge pattern. This pattern is considered as a bullish reversal and the price action of Verasity is moving at the resistance of this pattern for a long time period. Now if we take a closer look at the candlesticks then it can be clearly observed that the price action of VRA is testing the resistance more than the support. And the more it will test the resistance the more there will be chances for the breakout.
Big bullish BAT move:
On the weekly time frame chart, the price action has formed a big bullish BAT pattern.
There is also a 50 simple moving average support in the buying zone. As per the Fibonacci sequence, the buying and selling targets of this Cypher pattern can be as below:
Buy between: $0.0123 to $0.0067
Sell between: $0.0255 to $0.0454
The maximum extent of potential reversal zone $0.0067 can be used as stop loss. As per the above targets, this trade has a huge profit possibility of 577%, and the big loss possibility is 46%. However, in order to minimize the risk, we can use the 50 SMA weekly as a stop loss.
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In order to play and watch the current performance of the chart you need at least a free account on tradingview:
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Link for Binance exchange, to trade crypto:
https://www.binance.com/?ref=11256882
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
▶️ 3Speak