VETUSDT: Looking for one more leg down before a move higher
My 0.0143 level broke down shortly after my last post. Strong sell-offs like that "deserve" at least one more leg down to retest lows. Right now the market is finding some support at 0.012. If this level holds on a daily closing basis, we might see a bit of a rally and then another push down to re-test 0.012 before deciding either to go higher to re-test the resistance trendline or go lower to re-test 0.01.
Note that the weekly close above 0.0143 is still a relevant bullish signal (for me) and it will take a weekly close below 0.0143 before I consider that signal invalidated. One key thing for the bulls is to break that resistance trendline, with a continued failure to do so signaling more consolidation (likely more sideways to down price action).
Also Note: I am bullish on Vechain for the long term (2+ years).
Note that the weekly close above 0.0143 is still a relevant bullish signal (for me) and it will take a weekly close below 0.0143 before I consider that signal invalidated. One key thing for the bulls is to break that resistance trendline, with a continued failure to do so signaling more consolidation (likely more sideways to down price action).
Also Note: I am bullish on Vechain for the long term (2+ years).
