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FieryTrading
Nov 5, 2021 12:24 PM

🔥 VET Reached Channel Resistance: Break Out Or Reversal? Long

VeChain / TetherUSBinance

Description

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Around 4 days ago I made an analysis on VET. Here I argued that VET was trading inside a bullish channel and was likely to follow it in the near term. The fact that VET just reversed from the channel's support indicated even more bullish presence.



As of this morning, VET has reached the prior target and is currently seeing some minor consolidation. I'm expecting this consolidation to last a few hours tops before VET decides which way to go. The price can either reverse back to the channel support area or break out on the bullish side.

Since alts are currently showing a lot of strength, I'd wager that a bullish break out is more likely. In that case, $0.20 would be my target in the near term.

Happy trading!
Comments
mahroo125
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Do you think I should reduce the quantity that I have at the current price, or should I continue with all my quantities??
MMBTtrader
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only after breakout we can expect more rise

well done
MonoCoinSignal
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Excellent view
Helical_Trades
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Nice charting
Thanks
KlejdiCuni
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Great job here!
UnknownUnicorn4127247
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I have similar expectations here bro!
VasilyTrader
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Did you consider coming fundamental data this week?
Mickfoley
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@VasilyTrader, what fundamental data?
Mihai_Iacob
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very good!
mizharhadyan221
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already took profits at 0.153. Lets wait and see lah
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