VETETH bullish reversal scenario could be in play now...
Reversal trades are inherently low probability but they offer the best risk-rewards so we always hunt for them. That said, the VETETH pair is looking better in this regard:
1. Market has rejected the low for at least 4 days in a row now.
2. Today's candle opened at a higher low
3. Today's candle is now a big bull candle with price back inside the descending wedge/channel
False breaks are great setups to trade against the direction of the breakout so people who bought that breakout are now in profit (if they managed to hold). Reasonable target for such a trade is the resistance trend line of the descending wedge/channel. We just need to see if this move back into the consolidation will be confirmed by a daily close.
The ultimate scenario is a breakout above this descending wedge so that is the big bet and we are looking at this false break as the possible bottom for VETETH this year!
We all know ETH will probably flip BTC so the perfect scenario for VET holders would be this reversal to happen! :)
Let's wait and see!
1. Market has rejected the low for at least 4 days in a row now.
2. Today's candle opened at a higher low
3. Today's candle is now a big bull candle with price back inside the descending wedge/channel
False breaks are great setups to trade against the direction of the breakout so people who bought that breakout are now in profit (if they managed to hold). Reasonable target for such a trade is the resistance trend line of the descending wedge/channel. We just need to see if this move back into the consolidation will be confirmed by a daily close.
The ultimate scenario is a breakout above this descending wedge so that is the big bet and we are looking at this false break as the possible bottom for VETETH this year!
We all know ETH will probably flip BTC so the perfect scenario for VET holders would be this reversal to happen! :)
Let's wait and see!