VeChain Update: More Consolidation Might Be Needed (VETUSD)
Here's a quick update on my VET/XRP comparison. About a month ago, I made a post comparing VeChain's current position to XRP, prior to its historical price rise in 2017. I've continued to provide updates on VET in my group, as well as in my videos, but here I'm finally writing a little follow-up post. Here is the original analysis:
Since then, VET has made an impressive move above all its major daily moving averages. What I wanted to see was a break above the 200d MA, which is exactly what has happened. However, just as XRP did before its parabolic price rise in 2017, VET has begun an initial correction, retracing heavily towards the 50d MA. What I'd like is to see VET continue to hold above the 50 day moving average, even if it needs to drop and consolidate a bit more. For further upside, I'd like to see VET break above the downtrend (pink). This downtrend was only recently confirmed as resistance, but it has existed since July, 2018. If that happens sooner rather than later, perhaps we can get our initial impulse towards the 3 cents area. Oscillators are showing us that VET may have already seen the deepest extend of its correction. Time will tell!
That's it for the update. I'll continue to post here when I can.
This is not financial advice! This is meant for speculation, entertainment, and education.
-Victor Cobra
Since then, VET has made an impressive move above all its major daily moving averages. What I wanted to see was a break above the 200d MA, which is exactly what has happened. However, just as XRP did before its parabolic price rise in 2017, VET has begun an initial correction, retracing heavily towards the 50d MA. What I'd like is to see VET continue to hold above the 50 day moving average, even if it needs to drop and consolidate a bit more. For further upside, I'd like to see VET break above the downtrend (pink). This downtrend was only recently confirmed as resistance, but it has existed since July, 2018. If that happens sooner rather than later, perhaps we can get our initial impulse towards the 3 cents area. Oscillators are showing us that VET may have already seen the deepest extend of its correction. Time will tell!
That's it for the update. I'll continue to post here when I can.
This is not financial advice! This is meant for speculation, entertainment, and education.
-Victor Cobra
코멘트:
VET is now in a really important resistance zone against Bitcoin
코멘트:
We are also already testing the bear market downtrend. Not sure if we have the market confidence to break out right now. Let's see. Oscillators look fairly good, and so does volume. I'd be wary of some sort of pullback, particularly if Bitcoin drops. There's more room for VET to correct against Bitcoin than USD (in terms of moving averages). If VET does pull back here, I wouldn't be surprised to see another retest of the 200d MA.
코멘트:
If VET breaks out from this downtrend, it can head straight up towards the 2-3 cent area. That would be pretty incredible.
코멘트:
If the broader cryptocurrency market can't get going here, I think there's a decent probability VET will top out here and head to some lower supports.
코멘트:
We need to see what happens with big caps like Bitcoin, ETH, and XRP. Otherwise I'm skeptical of major downtrends being broken on mid-caps like VET.
코멘트:
Still correcting/consolidating after a failure to break the broader downtrend. It's encouraging that we're holding the now newly formed 50w MA.
On the daily, there's still plenty of room to correct, but we're getting some bullish crosses.
코멘트:
I'm a little wary of some sort of black swan event right now, simply because a lot of the Binance coins have dropped massively today. It could mean we have an incoming alt exodus. This chart will stop looking bullish if these important moving averages fail to hold as support.
코멘트:
Still holding above the 200d MA! Consolidation continues. Nothing much else to say, except that we await the next big move from Bitcoin and the rest of the market. If Bitcoin confirms a bottom here, I think we can see VET finally clear this downtrend.
