The purple lines are order block levels represented on the micro 4 hour chart; these are subsequently minor resistance and support levels however order flow data from BOOKMAP confirms an order block of over 6.3 million coins exists at $0.025 up to $0.03. So, someone is protecting that level and also $0.02. So, with this being said we VARA is still rangebound as it has been for several months, since at least August when it first came up on my radar.
The yellow line is a bullish fan pattern and represents diagonal support regions. Typically on the micro such as this the gradient is too steep to maintain so the asset will pull back to what is in this case the next area of support $0.02. The asset will likely move sideways for a little while however, I cannot stress this enough…
Trade the range till the range breaks.
In saying that, don’t listen to anything other than the chart. If the chart says, as it does, that the asset is range bound then the asset has moved into an accumulation. If you see on the micro as I have demonstrated that the asset has continued to bounce around in the micro range, zoom out to the weekly and turn on the BBands and look for squeezes.
Now for the good news.
VARA is confirmed in a bullish squeeze on the weekly. What we want to happen here is that it stays flat for a long period of time not exiting $0.03 and not exiting the bottom of the range and just bouncing between the general area of these levels for as long as possible eventually tightening into a long period of very flat indecision candle that will show hopefully on the monthly. Once this occurs, breakout to the upside is very, very likely.
I am not a financial advisor, trade safely my friends. Make that money.