Good evening everyone and welcome back to my analysis of Alt coins. Im trying something new and today Im looking at the VET/BTC pairing. I pulled this chart up this evening and thought I would throw a fib onto it and start my normal analysis. But I already drew a fib on this chart and I guess it saved all this time. The fib is still very active and the candles are still respecting it even though you could probably draw a more current Fib. But for now this will do.
We have seen a lot of upward momentum from VET as of late. From 37 sats back on March 13th. All the way up to 159 sats where we sit now. If you simply bought at 37 sats you would be up 4x at this point. I dont really mess with alts much lately but I may have to start back up and spend more time trading. Im missing out on some good pumps. The thing is I see a lot of pressure at this price. The wicks are high above us showing the pump wants to continue but the selling pressure is just to high at this level at this time.
Now after a few more days we may see some more fireworks if this is a continuation pattern but as most things are on the chart this is all subjective and we will just have to see the way the market goes. A continuation pattern would be a pennant forming here after the big pump which would be the pole. Very bullish formation. But I have seen strange things in crypto trading called bart simpson patterns and that could also sneak up on us. You should be prepared for anything with alts. The dumps can show up fast.
Im not saying its all over for VET. I havent been watching the charts on VET so I am still cautious to take a position until I study it further. For now the pump is seemingly stalled so I will probably decline on jumping in at the moment. Maybe find a place for reentry and set a buy there. But I make good profit off my BTC trading so I am in no rush to jump into things. I just need to make sure I have the time to devote to trading like that. Its a full time job at some point. Not that I wouldnt mind making it a full time job but at the moment I have a regular 9-5 and I just dont have time to trade like I want anyways.
VET/BTC is very bullish at the moment but the pump may be over. The golden cross is in full swing but I would be cautious on entering here. People are taking profit at this level and It will take some real volume to build that confidence to push above 160 sats. If I were to enter a position here I would set a stop loss fast. I always do but this is a case where chasing a pump may not end in glory. But WTFDIK right? I hope you like the alt analysis. I will try to do more. I am taking requests and if you have one leave it in the comments. Have a good night folks.
We have seen a lot of upward momentum from VET as of late. From 37 sats back on March 13th. All the way up to 159 sats where we sit now. If you simply bought at 37 sats you would be up 4x at this point. I dont really mess with alts much lately but I may have to start back up and spend more time trading. Im missing out on some good pumps. The thing is I see a lot of pressure at this price. The wicks are high above us showing the pump wants to continue but the selling pressure is just to high at this level at this time.
Now after a few more days we may see some more fireworks if this is a continuation pattern but as most things are on the chart this is all subjective and we will just have to see the way the market goes. A continuation pattern would be a pennant forming here after the big pump which would be the pole. Very bullish formation. But I have seen strange things in crypto trading called bart simpson patterns and that could also sneak up on us. You should be prepared for anything with alts. The dumps can show up fast.
Im not saying its all over for VET. I havent been watching the charts on VET so I am still cautious to take a position until I study it further. For now the pump is seemingly stalled so I will probably decline on jumping in at the moment. Maybe find a place for reentry and set a buy there. But I make good profit off my BTC trading so I am in no rush to jump into things. I just need to make sure I have the time to devote to trading like that. Its a full time job at some point. Not that I wouldnt mind making it a full time job but at the moment I have a regular 9-5 and I just dont have time to trade like I want anyways.
VET/BTC is very bullish at the moment but the pump may be over. The golden cross is in full swing but I would be cautious on entering here. People are taking profit at this level and It will take some real volume to build that confidence to push above 160 sats. If I were to enter a position here I would set a stop loss fast. I always do but this is a case where chasing a pump may not end in glory. But WTFDIK right? I hope you like the alt analysis. I will try to do more. I am taking requests and if you have one leave it in the comments. Have a good night folks.