Veritaseum Analysis – Tripple bottom gives a buy signal

The second coin of the day will be the Veritaseum. Our last piece of that coin was written on the 9th of April, when the price was in a strong downtrend without any hopes for the better future. Although the situation looked bad, we did not say that the VERI will reach the ground floor. In our analysis, we said:

“The next factor is the closeness of the 85 USD support (green), which is respected since November. Price action rules suggest a possible test of this area. Third factor is the total denial of the rise from the weekend. We can see that the players which were absent during the weekend want to see the VERI much lower than now.
After the breakout of the 85 USD, the next potential target will be the support on the 30 USD (green). Chances that we will get there are quite high.“

Our target was the 85 USD and we can say that the price did get there (86USD). After that, VERI went significantly higher. That is why, playing the support/resistance game is so important and that is why, price action is the king! What you do there is to look for the potential targets and then check how the price behaves on them. If there is a breakout, you sell, in case of a bounce, you buy. It is this simple.

On Veritaseum we did not get the breakout so the sell signal was not triggered. Currently, the price is forming a triple bottom formation, which is positive for the buyers and we should see a continuation of this movement in the nearest future.