Here's an update on my VET analysis. Originally, I made a post showing that VeChain could make a move like XRP in 2017. This was when VET was still near $0.004. Since then, VET doubled and got rejected near the major $0.01 resistance, only to continue forming a downtrend (orange). It has just recently tested this downtrend again, further confirming it as resistance. In my last analysis, I said I thought more consolidation would be needed, and I was right. This was because Bitcoin didn't seem like it wanted to move up yet. Ultimately, I think if VET can break above that downtrend with volume, it can head straight up towards the 3 cents zone, leaving the bear market behind for good. It will need to close a daily candle above it, for starters. You can see that XRP also had to contend with a strong downtrend in 2017. It also only really broke out when Bitcoin tested its previous all time high, so perhaps VET will need to wait a little longer.
Overall, the cryptocurrency market looks much better than it has in months. This is because many have broken out of their downtrends, and Bitcoin dominance is declining slightly, which I think is a sign of new money entering the market. However, we should be careful here. Dominance hasn't officially broken down from the enormous rising wedge yet, and sentiment is very bullish. Many cryptos are arguably over-extended on their current moves, even though VET hasn't moved up by much this week. I think it's very possible we see a severe market dump soon, even if it's short lived. Zoomed in, VET looks primed for a breakout, since it's above all its important daily moving averages, but this also means it has room to fall.
Same can be said for the weekly:
The problem is that the oscillators do show plenty of room to drop, though they can also simply bounce here. Volume still looks decent for consolidation, but if we're continuing to compare VET with XRP in 2017, we can have one final test of the $0.003 level, if the market decides to head to a final low. No one knows whether or not this will happen, so anyone who's actively trading should prepare for all possibilities. Also anyone who says "this WILL DEFINITELY HAPPEN" shouldn't be trusted. Regardless, I still think that the zone between $0.003 and $0.006 provides a good long-term buying opportunity, with proper risk management exercised. Crypto is obviously still highly speculative.
This is not financial advice. This is for personal use and speculation. Some previous VET analyses are linked below.
-Victor Cobra
Overall, the cryptocurrency market looks much better than it has in months. This is because many have broken out of their downtrends, and Bitcoin dominance is declining slightly, which I think is a sign of new money entering the market. However, we should be careful here. Dominance hasn't officially broken down from the enormous rising wedge yet, and sentiment is very bullish. Many cryptos are arguably over-extended on their current moves, even though VET hasn't moved up by much this week. I think it's very possible we see a severe market dump soon, even if it's short lived. Zoomed in, VET looks primed for a breakout, since it's above all its important daily moving averages, but this also means it has room to fall.
Same can be said for the weekly:
The problem is that the oscillators do show plenty of room to drop, though they can also simply bounce here. Volume still looks decent for consolidation, but if we're continuing to compare VET with XRP in 2017, we can have one final test of the $0.003 level, if the market decides to head to a final low. No one knows whether or not this will happen, so anyone who's actively trading should prepare for all possibilities. Also anyone who says "this WILL DEFINITELY HAPPEN" shouldn't be trusted. Regardless, I still think that the zone between $0.003 and $0.006 provides a good long-term buying opportunity, with proper risk management exercised. Crypto is obviously still highly speculative.
This is not financial advice. This is for personal use and speculation. Some previous VET analyses are linked below.
-Victor Cobra
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VET still consolidating and holding the 100d MA. Recent bullish cross may fuel a breakout if Bitcoin doesn't take too long to correct. If Bitcoin falls back below $8K, VET may take much longer.
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Really down to the wire here...
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Looks like it's out! For continuation here, I'd really like to see the 50d MA cross back over the 100d MA again. This could fuel an explosion towards $0.01 at least.
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VET is trying to find confidence outside of the downtrend. Currently testing it as support. If we don't break back down into the downtrend (a strong sell signal if it were to happen), we should be clear to start moving up again.
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I guess it's time for an update. Hard to keep up with all my charts! It seems that VET was unable to sustain above that downtrend for very long, and a break back below was a strong sell signal, as I suggested. VET headed to a new low, but not for very long. This was the final capitulation I was sort of looking for. Given the global economic situation, it would be silly to take on lots of risk with cryptocurrencies like VET...but I think blockchain solutions do have their place. It depends on how quickly the world figures this out. In any case, there's still plenty of room to go up. Not seeing any sell signals on the oscillators right now, but we should be aware of what happens in the rest of the market. If Bitcoin can't sustain current prices, I think we can see some heavy reversals back to the downside. For now, I'd still wait to see what happens in the next couple of weeks. I'd like to see that weekly MACD flip green and price break the downtrend again. It's somewhat comforting that VET isn't making a new low against Bitcoin, while many other alts have done so.
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BOOM
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lol
