VET/USD Medium-term Trend: Bearish

Supply levels: $0.009, $0.010, $0.011
Demand levels: $0.004, $0.003, $0.002

This week still witnesses a strong significant decline in the market of the VET/USD trading sessions. The crypto-market experienced a range movement between November 15 and 18 within the $0.008 and the $0.007 marks, and also within the middle and lower Bollinger Bands.

The crypto eventually started falling yesterday while the lower Bollinger Band couldn’t curtail the pressure mounted on it by the USD market worth as at that time. Equally, that has now led the crypto push southward to touch the $0.005 low level. The 50-day SMA is located at the $0.008 price level over the middle Bollinger Band. The Stochastic Oscillators have penetrated into the oversold zone to consolidate below range 20.

It still appears that the market is dominated by the bears. Investors may now consider buying into this crypto-market or wait while it dips a bit further.

In the recent past, the VET/USD market valuation in the short-term was in a range moving mode until November 18. Since yesterday, Nov. 19, the crypto has been under selling pressure as being traded against the USD.

All the trading indicators have accorded with that fact as the 50-day SMA is located over the Bollinger Bands. The Stochastic Oscillators have dipped into the oversold zone, but they are now seemingly moving around range 20.

Trading may be suspended while a strong reversal is expected to take place sooner or later to launch a long position especially at a breaking of the middle Bollinger northward.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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