Technical analysis by Kizaru187 about Symbol VET: Buy recommendation (9/20/2024)

Based on the provided chart for VET/USDT on a 1-day timeframe from Binance, here is a detailed trading plan: ### Entry Points - **Primary Entry**: Around 0.02335 USDT - This is the key entry level where price has formed a consolidation and potential reversal area. - **Secondary Entry (Lower)**: 0.02042 USDT - This lower entry can be used if the price dips further but remains within the support zone, providing another opportunity to enter at a discounted price. ### Target (Take Profit) Levels - **First Target (TP1)**: 0.02750 USDT - This level is a 61.8% Fibonacci retracement from the recent swing high and may act as a resistance level. - **Second Target (TP2)**: 0.04000 USDT - A significant target and resistance level where the price may face some selling pressure. - **Third Target (TP3)**: 0.05500 USDT - A more ambitious target, representing a larger upside potential if the trend continues upward. ### Stop Loss - **Stop Loss**: 0.01731 USDT - The stop loss is set below the most recent support level to protect against further downside. This level ensures a tight risk management strategy. ### Key Levels and Observations - **Fibonacci Levels**: - 38.2% retracement at 0.02427 USDT (resistance area). - 50% retracement at 0.02588 USDT. - 61.8% retracement at 0.02750 USDT (TP1). - **Harmonic Pattern**: The chart forms a harmonic pattern, indicating potential bullish momentum once it breaks above the resistance zone. - **Volume Profile**: There’s significant activity in the current price range, indicating a possible accumulation zone before a breakout. ### Technical Indicators - **RSI**: Suggesting the potential for a bullish reversal from oversold conditions, which strengthens the bullish bias. - **MACD**: Positive divergence forming, indicating a potential upward momentum shift in the coming days. ### Trade Plan Summary 1. **Enter** the trade between 0.02042 USDT and 0.02335 USDT. 2. **Set Stop Loss** at 0.01731 USDT to minimize risk. 3. **Target Levels**: - **First Target (TP1)** at 0.02750 USDT. - **Second Target (TP2)** at 0.04000 USDT. - **Third Target (TP3)** at 0.05500 USDT. This strategy leverages both Fibonacci retracement levels and harmonic pattern completion for potential upside. Ensure to adjust your position size and manage risk accordingly.First TP 50%