VET Needs a Doctor Soon

BINANCE:VETBTC   VeChain / Bitcoin
The fundamentals of VET haven't really changed, as far as I know. Time will tell if this is a worthwhile investment, but I'm personally betting on it, since their community remains as strong as ever. However, one can't deny that extreme selling pressure has been there for quite a while. VETBTC has essentially respected the downtrend for months now (in teal), although we're riding on top of it at this point. In my previous chart, I expected VETBTC to bottom sooner and flatline, but I also said that we shouldn't expect much upside any time soon. I was wrong about bottoming sooner, but right about the latter. It has been clear for many months that the price has been suppressed. Just look at the order books. Patience will be key.

A while ago, I speculated on an eventual bottom of around $0.002 for VET. Let's see if that plays out. This would mean another 50% decline from here in USD value. HOWEVER, this chart is about a potential long setup. VETBTC looks very weak at the moment, so I won't be surprised if this doesn't play out. If it does, though, we may be seeing a large Adam & Eve bottom forming over the coming months. This was something I speculated about in my previous chart, but I thought it would happen at a higher price. Oh well. If 100 breaks, investor confidence in VET will likely decrease, and the next target will probably be anywhere between 36 and 90 (based on the now extinct VENBTC chart). This will mean a complete retract of the bubble, which would be a bad sign. Here is the long setup anyway, just for fun.

BUY: 100-110 satoshis
STOP LOSS: below 100, depending on your risk tolerance.

129/130 resistance
150 resistance

FURTHER TARGETS (if a big Adam & Eve bottom plays out)

BEARISH SUPPORT (historical VEN chart before token swap)
90 satoshis
36 satoshis

This is not a recommendation to buy or sell, and I am not a professional financial advisor. This is for educational purposes only, and what you do with your own money is completely up to you.

-Victor Cobra

Link to the previous VETBTC analysis is at the bottom.

Comment: Here's the prior VEN/BTC chart (before the token swap) for your reference:
Comment: Trying to bounce now. This makes sense, since we entered the same buying zone we were in last August, at least in BTC value. Buying at the low today with a stop at 99 or 89 (depending on your risk tolerance) could have been a nice long play, if we make it at least to the 130 resistance. Good 25% profit potential. Let's see what happens tomorrow, especially with Bitcoin hovering just above 3400.
Comment: Really still looking pretty weak. I'd prefer a better bottom rejection for a real long setup, but we'll see.
Comment: Heading a bit lower now. Watch what happens in this low 100 zone.
Comment: After hitting a low of 102, we've bounced a bit. Seen some good buying action so far today that brought us up to 113 briefly. Let's see if this rally can continue and bring us back up to 129-130. This will be my final update for a couple of weeks -- going away for the holiday. Thanks to everyone who appreciates my ideas, and happy new year!
-Victor Cobra
Comment: Looks like we got rejected right at 127, which is the lower part of the sell zone. Still a good 25% gain on the Bitcoin ratio since the 102 low. However, there is still too much sell pressure on VET, but once that abates, we should be clear for a bigger move up.
Comment: Looking at the chart now, since resistance has been confirmed at 127 a bunch of times, a breakout above that will likely produce a powerful move up.
Comment: Clearly the price suppression hasn't let up. VET has now been one of the worst performing coins of the last few months, unfortunately. However, it's possible that the patient will be handsomely rewarded. We seem to be flatlining at the moment, so eventually a sudden breakout may happen. At this point, it's best to just be patient. As soon as that 127 resistance breaks, it's off to the races. This can easily happen if those giant sell walls are finally pulled away.

Can't rule out the possibility that the selling pressure simply exists because people don't believe the coin has long term value. VET is still pretty far up from its original Bitcoin value, so I wouldn't worry too much yet.
Comment: Very close to the bottom again, we have a big chance of breaking down though, as buyers have failed to show up. Still, if you're bullish on VET, you can buy here and set a stop loss. When VET moves, it can be very erratic, so be prepared for some wild swings when this thing pops or drops.
Comment: Looks like we might be forming a bullish engulfing candle on the daily, which would be a good sign that me might try a stab at that 127 resistance again (a good 20% up move from here, if you feel like trading it).
Comment: Seeing a good surge in price today. A very good sign that the bottom is still holding. As long as we stay above 113ish we should see a move to test the 127.
Comment: New analysis:
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