Hello everyone. For almost a month, the VET market continues to consolidate, in which market participants are trying to gain positions before the next impulse. The main question that arises for us is in which direction will this powerful impulse, which is about to begin to emerge? On the one hand, we see a powerful wave of growth, after which a shallow correction began. This fact indicates a high probability of the continuation of the growth trend.
However, if you pay attention to the history of the VETUSDT price movement, you can see a similar situation in February 2021. On the chart, we copied the fractal from this segment of the chart and transferred it to the current situation. As you can see, this scenario looks quite realistic. In addition, if we build a global growth channel, from which the VET price jumped out in April 2021, we see a likely collapse of the VET market can stop at the lower trend line:
If we look at the situation and ignore the fractal, we see that the VETUSD price is preparing to exit the triangle. The lower trendline of the triangle also serves as the trendline of the growth channel, which buyers have been holding since February 2021. The current wave of growth, within the triangle, is happening without much enthusiasm from buyers: This can be seen from the trading volume and the growth pattern. The breaking of the lower trend line of the triangle will trigger the triggering of a large number of stop orders of buyers who bought VET during the previous 2 months. This volume of long positions, which starts to sell at the market price, could trigger a powerful wave of decline with the first stop at $0.17.
If the triangle is broken upwards, we will wait for the retest of the mark of $0.22. If buyers after the breakdown of the triangle upwards hold this mark, this idea will become irrelevant and it will be necessary to buy VET.
P.S. Our previous idea for Vechain had two scenarios. So far, buyers have failed to implement a positive scenario. _______________________________ We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements. Subscribe to us and get daily concise analytics!
Trade active
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Goes clearly about the fractal, there is a chance to work out the fractal completely
Comment
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The idea worked even lower than expected. Today we will update our thoughts on VET. In the meantime, let's leave the top of our ideas, where we were waiting for a correction in the crypto market.
Disagree, the pattern on the left is different, minor correction, weak reversal, then real correction. There was a bearish divergence there on the rsi if i’m not mistaken. We got the larger correction first currently.
rlando
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@rlando, edit: .22 absolutely needs to be broken though, but a 67% downswing seems too aggressive.