Weekly Price Overview: VeChain, May 3

The subsequent correction took support close to the 61.8 percent Fibonacci retracement levels of 0.00032752.

After a strong break out from the downtrend line, VeChain can reach 0.00062102 levels where it might face some resistance.

On the daily chart, the VEN/BTC pair has broken out of an inverted head and shoulders pattern, which has a minimum target objective of 0.00063 levels.

On the downside, support exists at the 0.00047 levels, below which the neckline of the inverse H&S pattern will provide support.

There is a high probability of a dip from the overhead resistance or a consolidation.

Traders can book a small percentage of their position and attempt to buy it at lower levels.

Long-term holders can trail their stops higher instead of getting in and out of the position because above 0.00062102, we can expect a straight dash towards the lifetime highs.

Others, who haven't purchased the virtual currency should wait for a dip towards the 20-day EMA to buy and keep a stop loss at 0.0004, just below the 50-day SMA. Failure of a bullish pattern is a negative sign; below 0.0004, a retest of the 0.00032 levels is likely.

A break out confirms the resumption of the uptrend and a rally to the lifetime highs is likely.

Once the bulls succeed in breaking out the lifetime highs, the digital currency can extend the uptrend to 0.00111242 levels.