VET SETUPBased 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.
