Like many alts, VET has faced a strong pullback from its ATH in April dropping by >70% (never buy at an ATH). Since then, it has been trading within this weak triangle on the 4-day timeframe. VET seems to have found shallow ascending support along the black line and could make its way toward the upper resistance over the next few weeks.
The support looks strong but the main question is, will the support hold even if BTC drops to ~41/42k? Remember, any candle close below the black line means the idea is cancelled. For now, it is still trading above its 200 day EMA and is testing its 100 day EMA. I think it can move up.
Please note I am not a financial advisor and this is not financial advice. All ideas are for educational purposes only :)
Please feel free to leave your comments, questions and thoughts below!
The support looks strong but the main question is, will the support hold even if BTC drops to ~41/42k? Remember, any candle close below the black line means the idea is cancelled. For now, it is still trading above its 200 day EMA and is testing its 100 day EMA. I think it can move up.
Please note I am not a financial advisor and this is not financial advice. All ideas are for educational purposes only :)
Please feel free to leave your comments, questions and thoughts below!