TradeCityPro | VETUSDT Volatile Week Begins👋 Welcome to TradeCityPro Channel!
As the global market opens, let's analyze VETUSDT and prepare for the upcoming trading week.
🌐 Overview Bitcoin
Before diving into VET, let's check Bitcoin’s 1-hour timeframe. The market was expectedly quiet on Saturday, given the lack of trading activity.
My plan remains the same: If $95,747 breaks, I will open a short position. If Bitcoin dominance is rising at the time of the breakdown, I will short both BTC and an altcoin that is weak against Bitcoin since it has a higher chance of dropping.
📊 Weekly Timeframe
VET is one of the older altcoins in the market, and its current situation is relatively better than many others.
After breaking $0.03147, it had a sharp bullish move up to $0.06672, but it's now in a correction phase and has settled back on the $0.03147 support.
A positive sign is that VET has formed a higher low in 2024 compared to 2023, which suggests potential strength.
For a spot entry, we need to see a new structure forming, and my current buy trigger is a break above $0.06622. Until then, I see no buying opportunity. For selling, if we drop below $0.01470, it's best to exit and go to cash.
📈 Daily Timeframe
On the daily chart, VET initially broke above the $0.02679 range high and rallied sharply to $0.06828. However, we saw a fake breakout, leading to a heavy rejection and correction.
During this drop, a midway range (box) between $0.04214 - $0.05288 formed. Buyers tried but failed to break above the box, resulting in another fake breakout, increasing the likelihood of breaking the range low.
After another rejection from the mid-range, $0.04214 (our spot exit trigger) was broken, leading to a sharp decline. The RSI is now oversold, indicating a potential slowdown before further downside into the previous daily range.
⏱ 4-Hour Timeframe
On the 4-hour chart, we have formed a key level that is currently breaking down, creating a short opportunity.
📈 Short Position Trigger
we can place a stop-sell order with the current 4-hour candle as confirmation. I have already entered a short trade on the previous level breakdown and will re-enter with lower risk on this one.
📉 Long Position Trigger
there is no buy trigger yet. Even if VET pumps 20% suddenly, I won’t regret missing it because momentum will bring better opportunities for long entries later.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
