VET ascending channel

VET has a nice ascending channel worth watching. It provides a good trading plan. VET bounced of lower trendline and has just had a price pump towards 260 resistance. Will it breakthrough no one knows, but if it does, next resistance will be at 269 and 278. Once these ones are passed price will pass red trendline which should provide some more volume. At 286 there is 0.786 Fibonacci line but with that volume price should go fast forward to 295 or 305 (depending on how much time the whole process will take and where horizontally in the channel the price will be located). That should be the last border in front of leaving ascending channel. Again, no one knows if it will happen but it is a good scenario.

Bad scenario is that the price doesn’t breakthrough 260 and we see VET falling to 252 where it will test the trendline again. The more times support is tested, the weaker it becomes. Therefore, it might even fall down to 240. But that will be another trade and we don’t want to see that happen =)

Day chart for clear view. You may notice the volume is going down. It is also a sign of some significant move coming. But it may go both ways so keep you SL tight. VET is very influenced by BTC price so it all depends on the King.

I am not a financial advisor. Always do your own reseach and trade on your own risk.
If you feel positive and my chart helps please push "agree".
BTC address - 19Fe6p9aSoEbwdiGAbkpGwZAMM7eXb5vzG

Comment:

While I was writing all above Bitcoin did that.

This means it didn't get through 7333 resistance for the 4th or 5th time and went for correction. That may influence VET alot. I already had to sell half of my coins as I am going to sleep and can't risk the whole amount. The other is left for tight SL with timeout.

Comment:

The trade goes on according to plan. VET has reached the first target at 269 (even hit 272) and now should stay around 266-270 zone for consolidation unless BTC makes a successful attempt to overcome 7333. This will accelerate VET and it will burst to 278-286.

Comment:

VET hit central line of parrallel channel which always plays a role of SR line. Not sure if it will go through.

Comment:

At this moment BTC is recharging and I really can't say the direction of its move. But the odds are approximately 46%/54% for longs/shorts so BTC will have a lot of resistance.

Comment:

Hello! A small update. After today's big players game when in 15 minutes Bitcoin has lost more than 4% folllwed by another 3% within 6 hours time I think that any technical analysis is useless for the majority of coins. Especially for VET that follows BTC as a dog.

Ideally you have to sell BTC when it drops and once it shows signes of rising buy it back and invest in any fast growing slave alt like dozens out there. And then you you watch closly moves of both BTC and altcoin and once BTC collapse sell alts and sell BTC to USD. That is ideal tactics. But in real life it is pretty hard to do.

So for the majority I wouldn't advise play in trading while BTC is collapsing. You can raise a fortune but you may loose the whole a lot as well. If you are used to this market and this volatility you don't need my advise. You do the tactics I wrote about above or just sell to USD ad wait when the storm calms down.

Comment:

Trade closed: stop reached