VETUSD
TF: W
Pretty interesting set-up on VETUSD. Volume profile of the last bull trend (~$0.0018 up to ~$0.28) shows the POC of that move to be ~$0.019. Taking the volume profile of the current bear trend (~$0.28 down to current price) shows that POC to be ~$0.018 to $0.019. There has been high volume historically in this general area and price has been currently consolidating in the area for a year now. Another confluence is that price has retraced and bounced from 0.618 fib level from the last bull trend (~$0.0018 up to ~$0.28)
This may be a sign that large players are building positions in this general area, which could indicated a bullish move is coming over the next 1 or 2 years.
Pretty interesting set-up on VETUSD. Volume profile of the last bull trend (~$0.0018 up to ~$0.28) shows the POC of that move to be ~$0.019. Taking the volume profile of the current bear trend (~$0.28 down to current price) shows that POC to be ~$0.018 to $0.019. There has been high volume historically in this general area and price has been currently consolidating in the area for a year now. Another confluence is that price has retraced and bounced from 0.618 fib level from the last bull trend (~$0.0018 up to ~$0.28)
This may be a sign that large players are building positions in this general area, which could indicated a bullish move is coming over the next 1 or 2 years.
Note
Price has been correcting from the last bullish impulse to ~$0.055 and on Aug 5th, 2024, price tapped and bounced higher from the POC (~$0.018 to $0.019) discussed in the main idea above. Price is slowly turning to the upside and if a rally occurs and is sustained, a new leg higher to ~$0.10 may be in cards in mid-term
Note
I guess VET is no longer listed on Bitfinex so the chart looks a little different. Price made a nice move up and wicked near of the 0.618 of the last bear market. Price is trading near the levels mentioned in the initial idea along with a bounce near the trend line. Might be a nice area to accumulate a little VET, keeping an eye on the neat term price action is key to see if the trend will reverse higher or continue lowerNote
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.