Trade Recommendation: VeChain
Our January 10, 2019 VeChain (VET/BTC) trade recommendation hit both targets. The first one was reached on January 17 when the market rallied to as high as 0.00000119. The second target took more time to achieve but the market was able to do so on March 12 when bulls pushed VeChain to as high as 0.00000143. Those who followed the trade recommendation grew their investments by over 36% in a couple of months.
While VeChain took its sweet time to hit our price targets, we believe that it will start to move quickly soon. Right now, the market is consolidating gains. When sellers are done dumping, the market will likely explode.
Technical analysis shows that VET/BTC has taken out resistance of 0.00000125 on March 12. This triggered the breakout from a triple bottom pattern on the daily chart. The breakout looks valid as it was driven by heavy volume. Looking at the Binance chart, the volume on March 12 was VeChain’s highest in eight months. This indicates the strong demand at current levels for the altcoin.
In addition, the market appears to be forming a bull flag on the daily chart. This structure suggests trend continuation. Thus, we can form the expectation that VeChain will resume its uptrend once sellers run out of ammunition.
The strategy is to buy on dips as close to 0.00000125 as possible. As long as VeChain remains above this level, it will likely attract the momentum to climb to our initial target of 0.00000143. Take that out and 0.00000175 is next.
The process may take less than a month.
Daily Chart of VeChain/Bitcoin on Binance
As of this writing, the VeChain/Bitcoin pair is trading at 0.00000131 on Binance.
Summary of Strategy
Buy: As close to 0.00000125 as possible.
Targets: 0.00000143 and 0.00000175.
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.