Quick update on VET. My bullish idea still stands. If the bull market is beginning (hard to ignore that this might be a possibility, for those still on the sidelines), given the strength of the VeChain, as well as its comparable token supply to XRP, I think we could see a really massive move for this coin. This means new highs are even possible. I know I'm being super bullish. This is speculation.
HOWEVER, in my previous analysis, I did outline what a potential V-shaped low would look like for VET. You can even see it on this chart, right where I drew it. I thought VET could get down to 70 sats, but it actually bounced earlier at 80. This was a liquidity hunt. Now the people who sold on the breakdown of 100 are forced to rebuy higher. This is why shakeouts often end accumulation ranges. The big guys already loaded up at 100 sats. There's no need to sell there. Maybe probably do another video on accumulation and shakeouts, but my first one is linked at bottom.
On the downside, if VET breaks back below 100 and volume starts to look worrying, my bullish view will change. For now though...things are looking pretty great.
This is not financial advice! As I said, this is speculation, and my opinion based on my own observations and feelings.
Previous analysis:
Analysis where I called the rise towards 150 earlier this year:
-Victor Cobra
HOWEVER, in my previous analysis, I did outline what a potential V-shaped low would look like for VET. You can even see it on this chart, right where I drew it. I thought VET could get down to 70 sats, but it actually bounced earlier at 80. This was a liquidity hunt. Now the people who sold on the breakdown of 100 are forced to rebuy higher. This is why shakeouts often end accumulation ranges. The big guys already loaded up at 100 sats. There's no need to sell there. Maybe probably do another video on accumulation and shakeouts, but my first one is linked at bottom.
On the downside, if VET breaks back below 100 and volume starts to look worrying, my bullish view will change. For now though...things are looking pretty great.
This is not financial advice! As I said, this is speculation, and my opinion based on my own observations and feelings.
Previous analysis:
Analysis where I called the rise towards 150 earlier this year:
-Victor Cobra
Comment:
Just wanted to post an update here, since this was one of my worst calls to date. I did say that if it broke down from 100 again and showed weak volume, then things would look worrying. I guess I've been in a bit of denial about this one. It even crashed straight through 70 sats and has failed to bounce. Looks pretty awful, to be honest. The USD chart still looks flat (which is good...I guess). VET may be one of those coins to get flushed out, particularly if Bitcoin corrects soon.
