VCHAIN ($VETUSDT) ๐ฉโโ๏ธ๐ป | Do The Bears Need a Vet Yet?
๐ต Vchain (VET) has been on a serious run lately. Initially, part of this was likely the anticipation of Binance futures (which isn't necessarily bullish). Now there is more news that has eyes on VET with potential for a Coinbase listing.
With that in mind, despite the bullish price action and recent headlines, VET is at pretty notable point of resistance here. Plus, now that it is listed on Binance, it means that there is money to be made on the downside (remember what happened to crypto when Bitcoin CME futures came out โคต๏ธ).
While we aren't shorting VET without a clear trend behind us, there is reason to be skeptical of this overextended run despite its bullish nature. Let's take a look at some key levels for bears and bulls.
Support:
The first major support for the VET bulls is the S1 bullish S/R flip below the current price and below the swing high of the last range. Although this support could result in a bull run, it is likely that any weakness in VET (even a pullback to that clear support level) could result in the start of a downtrend.
The other major support levels for VET are both along way down. While the bulls might find support on top of the lower range at the S2 S/R flip and S3 orderblock, any move to that level means the bull trend is long over.
Resistance:
The R1 range has seen reactions dating back to 2018 and is the first logical point of resistance. Any future rejection of this level, or if the current rejection is sustained should be good news for the bears and their short contracts.
If the bulls can maintain momentum and get past R1, then the R2 S/R flip from 2018 comes into play and R1 flips to become a potential support to retest before moving higher. R2 is the last notable resistance before we start making our way up to the previous top at the R3 orderblock and S/R flip. After that, the sky is the limit.
Summary:
The bulls have a path to uncorrelated glory here, but first, they have to make it through stiff resistance without the Binance futures bears taking over. That is a big ask. If the bears lose S1 for any reason, things start getting grim. So buying the strength makes sense here, but be cautious and don't go looking too hard for dips once this one turns over (instead, check out that short futures contract).
Resources: blog.coinbase.com/coinbase-continues-to-explore-support-for-new-digital-assets-2c5b84813fcf + cryptoglobe.com/latest/2020/02/binance-futures-launching-perpetual-contract-for-vechain-vet/ + finsmes.com/2020/01/vchain-raises-7m-in-series-a-funding.html
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With that in mind, despite the bullish price action and recent headlines, VET is at pretty notable point of resistance here. Plus, now that it is listed on Binance, it means that there is money to be made on the downside (remember what happened to crypto when Bitcoin CME futures came out โคต๏ธ).
While we aren't shorting VET without a clear trend behind us, there is reason to be skeptical of this overextended run despite its bullish nature. Let's take a look at some key levels for bears and bulls.
Support:
The first major support for the VET bulls is the S1 bullish S/R flip below the current price and below the swing high of the last range. Although this support could result in a bull run, it is likely that any weakness in VET (even a pullback to that clear support level) could result in the start of a downtrend.
The other major support levels for VET are both along way down. While the bulls might find support on top of the lower range at the S2 S/R flip and S3 orderblock, any move to that level means the bull trend is long over.
Resistance:
The R1 range has seen reactions dating back to 2018 and is the first logical point of resistance. Any future rejection of this level, or if the current rejection is sustained should be good news for the bears and their short contracts.
If the bulls can maintain momentum and get past R1, then the R2 S/R flip from 2018 comes into play and R1 flips to become a potential support to retest before moving higher. R2 is the last notable resistance before we start making our way up to the previous top at the R3 orderblock and S/R flip. After that, the sky is the limit.
Summary:
The bulls have a path to uncorrelated glory here, but first, they have to make it through stiff resistance without the Binance futures bears taking over. That is a big ask. If the bears lose S1 for any reason, things start getting grim. So buying the strength makes sense here, but be cautious and don't go looking too hard for dips once this one turns over (instead, check out that short futures contract).
Resources: blog.coinbase.com/coinbase-continues-to-explore-support-for-new-digital-assets-2c5b84813fcf + cryptoglobe.com/latest/2020/02/binance-futures-launching-perpetual-contract-for-vechain-vet/ + finsmes.com/2020/01/vchain-raises-7m-in-series-a-funding.html
โจ Drop a comment asking for an update, we do NEW setups every day! โจ
Like, Comment & Follow to help the community grow ๐๐
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