Regera

VET descending wedge reversal

BINANCE:VETUSDT   VeChain / TetherUS
Since my last VET chart price has declined and found support at the average price volume (pink dotted). Now VET must break above the downtrend (yellow) and back above long term support (green). It's quite common for pullbacks that breached long term supports to break above with little resistance. However, this signifies that price may easily break below it again and head lower (as indicated by the death cross). I believe that price could decline lower in the mid to longer term but in the short term price should recover ~20% to the likely target zone.

VET has the potential to pump hard and should it I placed a secondary target zone that's less likely to trigger.
Comment: VET is retesting avg. price volume support (pink dotted) as well as the yellow dotted trendline. This is still within the trading structure. If it drops below, the next support is the thicker solid yellow down trendline which is part of the descending wedge. Stoploss under that is essential because if that support fails then it means BTC is crashing hard and alts are going to be slaughtered.
Trade active:

Price broke above the descending wedge.
Comment:

VET/BTC pair broke out of its descending wedge as well. Target zone for that pairing is 25-58% which aligns perfectly with the two VET/USDT target zones.
Bought yesterday at average of .00426, sold at about .0045..something. Needed the funds so had to close that. Thanks for the update. So, further direction will depend heavily on BTC retesting levels you mentioned in the other post? And if going long again, a stop loss of perhaps -10%?
Reply
Regera MrHamster
@MrHamster, At current price (~0.0045) price should hold 0.004200-0.004325 (throwback) though the descending wedge structure allows for it to go as low as 0.003800. If I had to reenter here, I'd buy the throwback with a tight stop loss under the structure. If BTC drops 20% into the $8k range it could sent alts into new lows for 2019 so keep that in mind.
+1 Reply
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