VET/BTC - target perspective

BINANCE:VETBTC   VeChain / Bitcoin
Hello guys, thanks for reading this analysis!

VET/ BTC is a beautiful chart currently. We broke out with heavy volume and ripped all the way up right below the 0.786 Fibonacci

Yet it seems we are consolidating for the next test to the upside. Why?

1. The RSI (14) is completely overbought, yet it seems like it won't cooling off, it looks more like the opposite at the moment.

2. We have support from the 89 MA which is a good indicator for changing trade directions.

3. The Volume is amazing: High green volume candles and low red volume candles. This means that many people are interested to buy at the moment, but not many people that want to sell for now.

IF we can get above the 0.786 Fib (99 Sats ) we can see this as our confirmation to test the 0.618 Fib (150 Sats ) which is the most important one, because we failed the last rally there so this means it has the most confluence in it.

Once we broke the 0.618 and consolidate above we can say the bear market is over!

Take this chart as your help to find entries and exits. All Fibonacci's will play an important role and you should take my red boxes as places to sell or to re-enter.

Be safe, be happy, be healthy,

Trade active: Looks like VET is heated up again!


What is you take on the current price action?
+1 Reply
KamiCapitalTA Matthew1972
@Matthew1972, we are switching trends wouldn't surprise me to see some downwards action for now.
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