In a recent video, popular cryptocurrency analyst JB delved into the current price action and potential future developments of VeChain (VET), a blockchain platform designed for supply chain management and enterprise applications.
Introduction and Engagement
JB welcomed viewers back to the channel and emphasized the importance of liking, subscribing, and hitting the bell icon to stay updated on his latest cryptocurrency analysis.
Christmas Tree Poll and Viewer Interaction
To foster engagement with his audience, JB conducted a quick poll asking viewers whether they had already put up their Christmas trees. He shared that his wife had already set up theirs and encouraged viewers to comment on their own Christmas tree status.
One-Hour Chart Analysis and Upside Targets
Moving on to the technical analysis, JB discussed potential upside targets for VET between $0.0239 and $0.02533 on the one-hour chart. However, he also noted a bearish shift in the smart money concept, indicating a potential change in structure.
Bearish Structure and Ascending Wedge Pattern
JB highlighted a concerning five-wave move to the downside, suggesting a possible further drop in VET’s price. He also identified an ascending wedge pattern, suggesting that a breakout could occur either upwards or downwards. To maintain the current structure, JB emphasized the importance of VET not dropping below certain key levels.
Four-Hour Chart and Bullish Divergence
On the four-hour chart, JB observed bullish divergence, indicating a potential upward trend. He expressed a positive outlook for the smart money concept, expecting an upside break. Additionally, JB analyzed potential support levels and suggested that a breakout might be imminent.
Daily Chart Analysis and Retracements
Acknowledging a pullback after a bullish change of character, JB discussed the significance of retracements before potential upside continuation. He noted positive indicators such as a stochastic reset and a bullish smart money concept.
Weekly Chart Overview and Bearish Outlook
The weekly chart presented a more bearish outlook, with JB highlighting the ongoing battle between bulls and bears. He emphasized the importance of the weekly close and the fight around key EMA levels. While speculating on the potential for a move to the 200 EMA, JB acknowledged that this might not be essential in the current bear market.
Personal Target and Conclusion
Sharing his personal target for VET, JB expressed his belief that it could reach just under $0.01. He concluded the video by apologizing for a previous recording issue and wished viewers a great weekend. Additionally, he advised safe trading and signed off.
The video ended with closing music, leaving viewers with a comprehensive analysis of VET’s price action and potential future developments.