Looking at the recent price action from the daily chart, firstly, after breaking out of the ascending channel, VET finally was able to stabilize and retest the broken trendline then rejecting it to test the previous ATH which was at the 50% area on the Fib.
Also if you look closely you can see that there was an extended W, which is a bullish reversal pattern after a retracement between 30-60%. While it wasnt a drastic retracement on the daily TF, I think those who would have been long felt it much worse that the 1D shows. Like many other coins showing this pattern, I really dont know if we'll have another stronger retest of the previous ATHs, however current price action shows rejection and bullishness. We trade what we see, therefore VET will have long opportunities on the smaller timeframes.
I believe VET will be one of those coins that people flock to because of its use, the projects and other coins its associated with, and the fact that its so cheap. Many new retail traders in the market will be trying to find the new bitcoin...and while VET wont be that, I believe due to the sheer hype, and price it'll create a few heavy bags.
Let me hear your thoughts, whether you agree or not. I'm here to get rich not be right!
Also if you look closely you can see that there was an extended W, which is a bullish reversal pattern after a retracement between 30-60%. While it wasnt a drastic retracement on the daily TF, I think those who would have been long felt it much worse that the 1D shows. Like many other coins showing this pattern, I really dont know if we'll have another stronger retest of the previous ATHs, however current price action shows rejection and bullishness. We trade what we see, therefore VET will have long opportunities on the smaller timeframes.
I believe VET will be one of those coins that people flock to because of its use, the projects and other coins its associated with, and the fact that its so cheap. Many new retail traders in the market will be trying to find the new bitcoin...and while VET wont be that, I believe due to the sheer hype, and price it'll create a few heavy bags.
Let me hear your thoughts, whether you agree or not. I'm here to get rich not be right!
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
