Vet is still on sale, current uptick met with low volume - similar move in the blue circles, whales still in control. Leg down is probable, however, keep in mind that OceanEx exchange is launching soon. Makes it a difficult trade: will it be a catalyst event, and so if so, to what extent?
Be wary of price action, leg down is probable right now. Short target of...
So,
Vet has been riding the downward channel for 16 days now, and she's slowly showing signs of life again. Levels to watch are on the chart, especially look out for that rsi movement to break the upper resistance. Not too bullish yet, but at least VET may show some volatility soon.
Trade Safu
So,
earlier today we posted a small update with a bearish short term projection for our beloved VET. I wanted to present a small addendum with a different bias, drawn on a larger timeframe.
Why?
We want to consider multiple scenarios to confirm or falsify or bias either up or down. As you can see in above chart, a bullish projection on larger timeframes is...
So,
Yesterday we missed a nice opportunity on the bounce. Lessons learned. Looking at the chart on bigger timeframes we still maintain a bearish projection. Levels to watchout for are south of 186, or north of 220.
Trade Safely
So,
VET is looking for support. Clean break towards the 185 area.
Short opened towards 165 area. Set your stop loss around 194 area, or whatever you are comfortable with.
See chart for bearish argument.
So,
small update again, will keep it simple.
RSI @50 (or at neutral, however u would like to interpret it) acted as a support but flipped to resistance around the red circle. Negative buying power just like my wallet.
Macd moving down at accellarated speed, no crossovers to be seen as of yet.
Overall bearish
Short until the next fib line. @ 185
Ps dont...
So,
After a nice 200%+ run, Vechain is looking for some consolidation before gearing up again. Chart says it all. Target @ 207 on the .382 fib line. If you have any comments or questions, feel free to reply!
Cheers and trade safely!
