VET/USD - 1w chart Update and my opinion

Let’s have another quick look at the VET/USD 1w chart.

Here is a closer look at this 1w chart.

VeChain is still in its Descending Wedge Pattern on this 1w chart. Note that VET failed to close a weekly candle above its upper descending trend line of its Descending Wedge Pattern at around $0.0286. $0.0286 was also the previous high from Mon 23rd Jul 2018.

VeChain is still below its Least Squares Moving Average ( LSMA ) on this 1w chart.

VET is still below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1w chart. Note that the Lower Band has started to curve downwards indicating volatility for the downside on this 1w chart.

Note that the 50MA ( Orange Line) is getting really close to the 200MA (Red Line). If the 50MA crosses under the 200MA on this 1w chart that will create a death cross on this 1 week timeframe.

VET is now fighting to stay above its support area located at $0.01978 and $0.0181. If VET closes a weekly candle below $0.0181 then we should drop to around $0.0120.

VET is below its 1 ($0.01845) Trend Based Fib Extension Level. Failure to close a weekly candle above this level will lead to further drops.

Looking at the Volume Profile Visible Range (VPVR) we can see the area i which the most Volume was traded on VET/USD.

Note that VET is close to dropping under its 78.60% Fib Retracement Level at $0.01811.

I have added a Modified Schiff Pitchfork pattern and you can clearly see that VET has a long way togo before crossing back above its Median Line .

Looking at the Average Directional Index ( ADX DI) we can see that the Trend Strength is still weak with the ADX ( Orange Line) at 16.34 and still under its 9 Period EMA (Black Line). Positive Momentum has dropped with the +DI (Green Line) dropping to 16.39. Negative Momentum has Increased with the -DI (Red Line) rising to 24.32.

Looking at the Relative Strength Index ( RSI ) we can see that there is still plenty of room for VET to drop before becoming Oversold on this 1w chart. Note that the RSI (Purple Line) is still under its 9 Period EMA ( Orange Line) which is a sign of downwards strength on this 1w timeframe.

So what does all this tell me:

This is all just my opinion but this tells me that there is plenty of room for VET to drop further on this 1w timeframe especially if it closes a weekly candle below its 78.60% Fib Retracement level.

Once this world wide recession fully bottoms be it in a 1 year, 2 years, 5 years or 10 years and the powers that be have had their fill of transferring wealth from the Middle Class and the Poor to the elites, then opportunities will arise for those who are ready. My crypto of choice is obviously VET and a few others that have use cases but this goes for all Crypto’s so soon your crypto of choice will be available at an even lower bargain price. Especially if/when BTC drops to the $12k-$9k range. Please see the chart below.

I hope this is helpful with your trading or hodl-ing.


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