VET has bounced out of a descending wedge and has printed quite a few bullish candles in a row.
Price has also been printing some impulse minutiae as can be seen with this tidy looking impulse out of a contracting triangle.
I am bearish on crypto overall but there could be a good bounce here.
And there is the possibility that this could be THE BOTTOM although that doesn't seem likely to me.
...
When Bitcoin had a long slow top many alts mooned, so something on a smaller scale could be happening here.
Bitcoin price looks probable to tag distribution resistance a.k.a. SOW.
In symmetry good chance VET will do the same.
Just above resistance there is also the 0.618 fib retracement from top to bottom which is a likely reversal point.
...
It looks probable this will be the B wave of a higher degree ABC from the top.
That said - I keep an open mind that this could be THE BOTTOM.
If Bitcoin does drift or impulse past distribution resistance then it becomes more probable VET has bottomed.
Price could also tail off downward.
But most likely this is a bounce I think.
For now I look at this as just a trade.
I will open a position if price settles above next resistance at $0.095.
Not Advice.
Price has also been printing some impulse minutiae as can be seen with this tidy looking impulse out of a contracting triangle.
I am bearish on crypto overall but there could be a good bounce here.
And there is the possibility that this could be THE BOTTOM although that doesn't seem likely to me.
...
When Bitcoin had a long slow top many alts mooned, so something on a smaller scale could be happening here.
Bitcoin price looks probable to tag distribution resistance a.k.a. SOW.
In symmetry good chance VET will do the same.
Just above resistance there is also the 0.618 fib retracement from top to bottom which is a likely reversal point.
...
It looks probable this will be the B wave of a higher degree ABC from the top.
That said - I keep an open mind that this could be THE BOTTOM.
If Bitcoin does drift or impulse past distribution resistance then it becomes more probable VET has bottomed.
Price could also tail off downward.
But most likely this is a bounce I think.
For now I look at this as just a trade.
I will open a position if price settles above next resistance at $0.095.
Not Advice.
Comment:
Starting to fade here. Price needs to do something quick or this is probably returning to downtrend.
Comment:
VET looking like its not going to make it to next resistance and now also BTC looking bearish. Unless BTC has a recovery - this trade idea is closed.
Comment:
VET did make it just shy of distribution resistance and perhaps will still tag it. But that should conclude this B wave. BTC looks cooked and there will be MUCH better prices for this great crypto. Wait and see.
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