JB from Cheeky Crypto discusses the current state of VeChain (VET) and its price chart. He highlights the recent significant price movements, with a 35% increase since September 11th.
JB analyzes the VeChain chart on various timeframes, including 1-hour, 4-hour, and daily. He predicts a potential further upside move, supported by smart money concepts indicating a bullish change of character. The 1-hour and 4-hour charts show potential for more upward movement, with a target of 2.16 for VeChain. JB also discusses a potential double bottom pattern.
The daily chart suggests that the bottom might be in, but JB cautions about lower lows and emphasizes the importance of breaking a certain high to confirm this. He believes there is potential upward momentum, but he remains cautious.
The weekly chart shows a possible WX, YX, Zed structure, leading JB to target a range between 1.65 and 0.811. He suggests further downside movement, but emphasizes that this is his opinion and not financial advice. He also advises trading safely with stop losses.
JB’s overall analysis of VeChain is mixed, but he sees potential for further upside movement in the short term. He cautions viewers to trade safely and to do their own research before making any investment decisions.