VET is showing clear upside price divergence against Bitcoin falling and this is a considerable show of strength. If price remains in this corrective area as Bitcoin descends then it will likely be a continuation pattern for a next wave up. I've plotted a possible elliott wave count and a penultimate with wave projection of $1.53! Invalidation is below the wick down at $0.13
I am surprised by what is happening and it will probably be true for other coins if i is for VET, but VET seems particularly strong right now.
I still maintain that alts will suffer very large losses from wherever their top is, but things are becoming less black and white and lets see what happens. Its a very interesting juncture.
I'll be waiting to see how Bitcoin behaves and if VET holds up I'll make an entry.
Not advice.
I am surprised by what is happening and it will probably be true for other coins if i is for VET, but VET seems particularly strong right now.
I still maintain that alts will suffer very large losses from wherever their top is, but things are becoming less black and white and lets see what happens. Its a very interesting juncture.
I'll be waiting to see how Bitcoin behaves and if VET holds up I'll make an entry.
Not advice.
Note
At current price this trade has a risk/reward RR ratio of 30! Note
VET broke through invalidation at 0.13 so its now in no-mans-land and 0.13 is now resistance. We'll just have to see how it does over the next few days. If it can push back above 0.13 then the next wave up could be on. If not it topped and my other outcome will be on.
Note
Updating my other VET thread from here as I'm taking the bearish stance.
Your FA guru can't read a chart💭
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Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Related publications
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.