Potential long VETUSDT
Top down analysis:
W: Looking at the weekly we see VET touched a strong support zone and rebounded nicely. Yet we are still in a long-term downtrend on VET so enter trade with caution. (red lines)
D: Zooming in on the daily we can see VET had some consolidation near the support zone and broke out of the channel. When drawing a FIB retracement on the previous leg up we can see that there is confluence between the support zone and the 0.236 level.
H1: This brings me to this trade. Right now on the 1H, we can see a double bottom forming right on the above-mentioned support zone and FIB level.
Entry:
I would first like to either see a new range of consolidation forming and tracking it for a break-out. if this does not happen I will be looking at forming HL & HH. I will update this post when the time comes.
If you appreciate my analysis a like or follow would mean the world to me.
W: Looking at the weekly we see VET touched a strong support zone and rebounded nicely. Yet we are still in a long-term downtrend on VET so enter trade with caution. (red lines)
D: Zooming in on the daily we can see VET had some consolidation near the support zone and broke out of the channel. When drawing a FIB retracement on the previous leg up we can see that there is confluence between the support zone and the 0.236 level.
H1: This brings me to this trade. Right now on the 1H, we can see a double bottom forming right on the above-mentioned support zone and FIB level.
Entry:
I would first like to either see a new range of consolidation forming and tracking it for a break-out. if this does not happen I will be looking at forming HL & HH. I will update this post when the time comes.
If you appreciate my analysis a like or follow would mean the world to me.
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