VET Looks Bullish For The First Time In Months
Couldn't resist giving a quick update on VET before the weekend (taking a break). A while ago, I posted a chart suggesting that 100 sats was likely to be the bottom for VET, and that it could last a long time. Since then, it has pretty much held that support and even moved up slightly. It is only now beginning to move up convincingly with consolidation, rather than rejection.
This is the longest period of time we've consolidated near 120 sats since the beginning of this long consolidation period. If the market continues to move up, we should see VET finally break the 127 resistance and move up towards the green resistance zones. We are also forming a flag, which could break to the upside pretty soon.
Potential BUY setup:
Aggressive entry - NOW with a stop loss below 113, or whatever you feel comfortable with. Or upon break of the flag.
Conservative entry - break of 127/130 - however, this might be risky, as market makers have been taking some coins just above resistance levels before dropping them. This is an accumulation/shakeout tactic, as it causes people to lose patience. However, if this happens, I wouldn't be concerned - as I think it would continue moving up afterwards.
TARGETS for near/mid-term:
Green zones
127
130
140
150
160
180
On the short side, if VET falls below 100 sats, that's a clear breakdown, although a bigger shakeout is possible. Unlikely to happen unless we receive some horrible news.
This is not financial advice. Just a quick update on VET, since it's still part of my portfolio and I've been observing its (mostly boring) movements. Things may about to stop being boring though. I've also noticed VTHO price increasing (which would indicate more network usage).
-Victor Cobra
This is the longest period of time we've consolidated near 120 sats since the beginning of this long consolidation period. If the market continues to move up, we should see VET finally break the 127 resistance and move up towards the green resistance zones. We are also forming a flag, which could break to the upside pretty soon.
Potential BUY setup:
Aggressive entry - NOW with a stop loss below 113, or whatever you feel comfortable with. Or upon break of the flag.
Conservative entry - break of 127/130 - however, this might be risky, as market makers have been taking some coins just above resistance levels before dropping them. This is an accumulation/shakeout tactic, as it causes people to lose patience. However, if this happens, I wouldn't be concerned - as I think it would continue moving up afterwards.
TARGETS for near/mid-term:
Green zones
127
130
140
150
160
180
On the short side, if VET falls below 100 sats, that's a clear breakdown, although a bigger shakeout is possible. Unlikely to happen unless we receive some horrible news.
This is not financial advice. Just a quick update on VET, since it's still part of my portfolio and I've been observing its (mostly boring) movements. Things may about to stop being boring though. I've also noticed VTHO price increasing (which would indicate more network usage).
-Victor Cobra
Comment:
Unfortunately we've failed to look bullish, so if you're trading VET, it's probably best to wait until we have a confirmed break of resistance. We're back at the 113 support after wicking off 109 (probably from people who set stop losses at 113).
Comment:
If we can move back up quickly soon, this last day was likely a bear trap, but otherwise the market is looking fairly weak again. Something tells me we've seen the bottom on a number of cryptos, but I think there are others that may indeed make new lows (including possibly Bitcoin). We shall see.
Comment:
We're still stagnating, but the rest of the market looks good - still exhibiting bullish behavior. Yesterday's selloff tested a major broken resistance as support again, and we seem to want to move up. VET needs something to get it going.
Comment:
If this current daily candle forms a bullish engulfing, we should be good for another attempt at 120 and 127. Found good support between 109 and 113.
Comment:
Also, you can't see it on my chart, but longer term moving averages are about to cross over the shorter term MA's, which may indicate that we have indeed reached the bottom for the VETBTC ratio.
Comment:
Or rather, shorter term MA's are about to cross over longer term MA's. This means that price has found adequate demand at current price levels.
