The situation in VeChain is pretty similar to the one we face in Polkadot, so I won't go into technical details here...
Overall it's pretty the same here, we finally reached the blue retracements, and we got very near the 0.786 retracement. As I stated in our Polkadot analysis, it would be optimal if the price won't breach below this level.
To be honest, the correction in VeChain was one of the most brutal ones i have observed in the last days, overall we crashed by nearly -40% in a matter of weeks!
We posted about VeChain a few weeks ago, and our count slightly changed because the final wave (v) expanded a LOT more than we estimated. The funny thing here is however that in the end we pretty much retraced back to our original price target, for everyone interested the post can be found below.
We should really build up some bullish momentum in the next days and exit these low prices, it would be very bad for VeChain if we should establish a sideways movement. As of now I estimate that we won't see another low in this coin and we remain on my bullish stance in VeChain and all other altcoins which we cover on here. We are currently assessing if we add another position in VeChain, and we would of course update everyone on here, if we choose to do this.
Keep your head up, folks, now is not the time for fear!
Please note that we are already invested in VeChain since the 29th of July, back then we announced our first positions here on tradingview.
If you should have any questions whatsoever, you can write a comment or contact me directly!
Long VeChain (VETUSD)
AVERAGE EXECUTION PRICE: 0.02449$
LONG TERM TARGET: 0.27$ and more![/b]