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The Vechain (VET) price completed an A-B-C correction at the 65 satoshi support area. The price broke out from its pattern on January 17, confirming that it has completed its correction.

Well-known trader Nico (@CryptoNTez) stated that the VET price has found support above 66 satoshis and has been trading near that level without significant volatility for the past two weeks. If the price shows signs of moving upwards, he wants to initiate a long trade with the first target being at 81 satoshis.

$VET

Sitting above ~66sats support level (close to .618 fib level) for over a 2 weeks now…

Sell volume looks exhausted..

I would like to see increasing volume or signal of bounce happening from here prior taking an entry with 1st target at ~81sats

set alerts & wait#VET pic.twitter.com/TqiOIYg7vy

— Nico (@CryptoNTez) January 21, 2020

Will the VET price reach the target? If so, when? Keep reading below if you are interested in finding out.

Beginning on October 27, 2019, the VET price reached a low of 35 satoshis and initiated an upward move that eventually took it to a high of 110 satoshis on December 2. The movement transpired in five waves, three upward and two downward, closely resembling a five-wave Elliott formation.

Afterward, it completed an A-B-C correction that took it to the 65 satoshi support area.

Looking closer at the correction, we can see two long upper wicks as soon as the price reached the support area. Furthermore, the correction took the form of a descending wedge.

The Vechain price broke out from a descending wedge on January 17 . We successfully predicted this breakout in our previous analysis. Since then, it has returned to validate the resistance line of the wedge.

As for the future movement, the price is likely to move towards the 0.382 and 0.5 fib levels of the decrease at 77 and 82 satoshis.

However, we are not discounting the possibility that the price initially decreases to the support area at 65 satoshis before resuming its upward movement.

Entering a long trade at the current price level near 69 satoshis and a target of 81 sats only gives a 1.2 R:R ratio with a stop loss of 59 sats.

Waiting for the price to decrease to the support area of 65 satoshis would give you a 3.4 R:R with the same stop loss placement, making it a much more enticing setup.

This is not to say that the price cannot go past 81 satoshis. However, there are no other signs that point to an increase besides the breakout, which in itself is not sufficient in predicting such an upward movement.

To conclude, the VET price has likely finished an A-B-C correction near the 65 satoshi support area. We believe it will soon begin an upward move towards 81 satoshis and possibly the top of the wedge at 110 satoshis.

The post Vechain Breaks out After Completing Its Correction [Premium Analysis] appeared first on BeInCrypto.

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