I recently posted my 100 day forecast of VET, in this I stated that VET would continue it's downtrend in no great detail.
Here is a deeper analysis of why I initially thought this. Based on the facts i see.
Now if you look at the one day chart over the past 211 days you will see here I have established the historical trend lines.
Please note that the downtrends are marked red, sideways trend in purple and uptrends in green. It can be seen clearly that
the downtrends were in the ascendancy to date. With only one real spike in an uptrend forming. The squeeze momentum and the
ACC/DIST indicators also show some telling signs that this was the case.
Moving onto the 4hr chart, Here we can see an uptrend developing with two troughs being developed, a third would confirm this trend.
This new uptrend coming off the back of China announcing it's official involvement in Blockchain.
You can also see I have set a 10 day Pivot Points Standard. With our Pivot Points indicator we can look at price action from a more systematic approach.
We can see where support and resistance might lie in the market. Taking the high, low and close we have constructed a base reference point which is
known as the pivot point (shown in blue), away from that you can see where the indicator has plotted on the chart levels of support
and resistance away from that pivot point.
As you can see there is a high probability that since the moving average price is above the pivot point, this suggests that
there is a bullish look to this chart.
So in hindsight, I had initially stated a short forecast for the next 100 days. But after giving it much thought, I think for
now at least we should see how this uptrend develops alongside China's move into Blockchain ecosystem.
Regards
EWH