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.
FURTHER TARGETS (if a big Adam & Eve bottom plays out)
SUPPORT (historical VEN chart before token swap)
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.
Link to the previous VETBTC analysis is at the bottom.
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.