VET / USD TA
We are looking short term bullish with longer term neutral.
Short term traders should keep an eye for breakout or rejection off resistance. If we see break, expect further move upward towards general target. If we do not break resistance and break down parabolic curve, we will see downtrend followed by sideways action.
Stage 1 completed! (Duration 105 Days)
We're currently in Stage 2 on our way back up. Two possible scenarios are outlined. I see a great R:R for the upcoming weeks.
Math never lies.
- First target is at 0.01038
- Second extended scenario would bring us back to 0.1354
Time
144 Days - 1 July
Happy trading :)
The green ellipses represent basic but powerful MA and trend signals (bullish of course). The blue ellipses represent potential near-future bullish MA crosses, and the red zone represents long-term resistance for future prices (previous major long-term support; naturally). I think when BTC/USD begins its next bearish swing/retrace/consolidation, VET/BTC could rise...
A correct Elliott wave count must observe three rules:
Wave 2 never retraces more than 100% of wave 1.
Wave 3 cannot be the shortest of the three impulse waves, namely waves 1, 3 and 5.
Wave 4 does not overlap with the price territory of wave 1, except in the rare case of a diagonal triangle formation.
This is called On Balance Volume (OBV). It is buying minus selling, it shows buying power. Sometimes you will see price dropping or stable over time and OBV increasing, it shows that the price is artificially suppressed, and that buying is happening. This should lead to a drastic price increase when it cannot be suppressed anymore.
Currently Bullish divergence!
Throughout December VET showed the ability to climb back up after hitting the support at about $0.00393, so the current movement down shouldn't be much of a warning sign.
The project made numerous partnerships in the past with various projects looking to utilize the VeChainThor blockchain technology and upgrade their business practices.
Recently a dApp developed...
VET is gradually recovering after the mid December fall, it shows signs of becoming the future of IoT.
VET has seen over 6% price increase in the last 24hrs, and it is traded at $0.00446 USD. There is expectation that the digital asset will go beyond the present 26th position. With all indications, VeChain has a space among the top 20 cryptocurrencies.
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