We have recently seen about a 10 pump with the price action of vet, so were going to dive in to see what is going on slightly longer term, on the daily chart and, of course, taking a look at the short term movements on that hourly as well As we get into this video, if you do find it useful and informative hit that like button, i really do appreciate that and if you happen to be new to the channel, why not go ahead and subscribe tap that bell select all notifications and in doing so You will be kept up to date with absolutely everything that we do here at cheeky. Crypto right with that said, done out of the way lets dive down into this daily chart, and just talk about whats been going on most recently with v chains. So well start off with just talking about the kind of progress that weve had with these five impulse waves to the upside, and we can see that everything started back in march of 2020 and really peaked out up here in april of 2021. That was a ‘9 day move that took or generated, i should say, 18 295 percent in games, so its been a pretty good, solid performance. So far, obviously, on that journey to the upside, you do not move in straight lines. Uh. There are lots of little micro corrections on that journey to the upside before they all even peaked out.

There was two uh major corrections that weve seen so far and, of course, we can see lots of little corrections on our journey, even in our third impulse wave to the upside. Now, what we also have is a pretty major kind of fourth wave correction in line with our second wave correction, in an alternative method of what you tend to see here with the elliott theory impulse waves is that uh wave, two and four will sometimes actually um. Be opposites of each other and what we might buy. This is one will be flat and the other one will be uh sharp and thats pretty much. What weve seen here with the 2021 ball run. Okay – and we basically see that uh wave two has been flattened, wave four has been sharp, is in it went all the way down pretty much right away. Um, so overall weve had a couple of months of kind of going down a little bit. We had a good run to the upside here, coming up, so key areas getting rejected from these areas with bitcoin, fud and manipulation, bringing us down to some lower areas. Now we had a rally, as i said uh most recently, that has seen us move up by 10, but i do think this is a bit of a short lived and do expect to see a pullback in the next kind of few hours or so so um. Before i get into that kind of smaller time frame stuff, i am going to go into what im looking at and what im seeing uh on here for for v chain right because um there is a cup and handle like we have said for.

For many of these other old coins as well, and that is forming and as a result, this cup and handle could see us moving up um significantly right. So if we actually go ahead and grab our fib – and we go put that on here – it puts us just short of our area here right in this area and puts us in just above the 702 and just below the 786 right. So when were talking about a rally and moving up to the uh to the upside in october, then we should be thinking and considering moving up to these key areas just here, okay, so what were looking for is basically to just pull down a little bit more And wipe out some of that that kind of stuff thats been going on recently just kind of natural correction ill get into that in a moment and then well be looking to surge up in the october here to try to come up to to these areas. These key areas – this is where the main battle actually occurs right and once were above the 786. A big ball signal that will take us much higher, okay, and so the journey to one dollar is uh, is paved by many obstacles. Uh weve got a bit of work ahead until we get above this area, okay and but it does look good from a cup and handle perspective here that we could see a surge to this area right to the 702 and 786.

This 786 area would be 23.1. Okay, so thats what were looking at trying to find that next surge that next big surge like we saw over here now, it wont be a straight line, its not a straight line up there. It would be paved with kind of some kind of corrections on that route and then well look for a slightly deeper pullback when we get there and then well surge up above it thats kind of the expectations that i have for this run on the slightly longer Term, obviously, when we talk about going slightly longer than that, we are talking about a dollar that comes in the fifth wave at the completion of the ball run uh, we anticipate by the end of the year, but its usually quite difficult to get the timing right And so it could be the beginning of 2022, and but overall we got 42 64 87 and one dollar one cent. Okay, those are the areas of the fib uh, based on the current performance, okay, so taking the high of way three, the current performance, therefore three and the low of wave four okay. So all of that correction move that corrective move. Um has plotted out that one dollar range now, obviously uh different analysis and analysts will obviously have different methods of uh. You know charting out their predictions and things like where they think theyre going. But for me i like to use the fear, but its a nice way to kind of plot out where we see the impulse wave kind of going.

And obviously we have to apply the rules of elliott theory as well. Making sure that we dont uh over. Extend that fifth wave either and so everythings actually pretty much in line with that at the moment, so um everythings looking pretty good moving up towards that dollar level um, and that seems like pretty plausible on the chart here and again that cupping handle takes us to Those key areas where we start to talk about maybe starting to take out some new all time highs in november. Okay, so weve got a bit of work still to do. But that being said, i do anticipate some a pretty good month of october and a pretty good month of november december as well. So, overall, we are starting to see some action start to move up back to the upside and, as at this point were going to jump over to the avaya dashboard were going to just log into this one, and it keeps logging me out, which is a little Bit frustrating but were going to um, take a look at v chain right. We have a b3 rating overall and but there are a few things that are concerning us on the v chain chart here so on this underlined data for those who do not know. If i do io and uses artificial intelligence machine learning to help give us the underlying value of a cryptocurrency and uh, basically, this is underlying data that you do not normally see from the charts at least not easily, and but this way youre actually able to get A pretty good feel for how cryptocurrency is performing and if you should be concerned um, so we have a b3 rating overall.

The fear and greed index is a c3, which means theres a lot of fear in the space right and although the price has moved up significantly in the last few hours, this fear in the space is not going to be helpful when theres a lot of people Willing to sell their vet so thats, why im anticipating the short term pullback right with that being said, the ami had ratio is a great d, or this rating of d for amihad ratio means that theres problems with liquidity. So we have to be concerned that actually buying and selling vechain could potentially become difficult right. So, although theres fear in this space, this is going to be compounded by the fact that people are not necessarily able to sell uh when they need to. This could be that exchanges have problems. Are they preventing you from uh buying or selling or whatever right, um? So right now, we have to be obviously aware of the liquidity based problems for v chain. Um. We take a look at the sharpe ratio. This is still pretty good at a2 rating right, so overall, its in our favor and the risk reward ratio is, is looking pretty good. The moving averages are rating of d and so overall uh not the best, but then under the current performance. You would expect that to be the case, the profitability, as i said, over eighteen thousand percent in gains and which is significantly higher than that of bitcoin within 1 600 in gains in the same time period, and obviously, we have got the best rating possible for profitability And so there are concerns.

The concerns are that people are very scared about what the market is doing. Um still and as a result, there is a lot of fear in the space for v chain. The other problem, of course, is that that liquidity is a problem. I buying and selling v chain is going to be problematic. We take a look down at the moving averages and we can see that those have been affected. So three out of these five metrics are not positive, theyre, actually quite negative, and but knowing that these are inside of our fifth wave impulse wave to the upside actually gives us a bit of a competitive edge. Knowing that we could potentially buy the dip. If we wanted to now obviously im not a financial advisor chris is not a financial advisor, its always important that you do your own research, and but this is how i interpret the data we are in an impulsive wave to the upside and the bull run has Not finished yet because it would be the shortest bull run in history if it only peaked after 200 days, it just wouldnt be viable and um. Ultimately, we are seeing unnecessary fear in the space spread through fudd and basically manipulation of bitcoin affecting the entire crypto market. Now, im still expecting volatility, i dont think thats quite finished. Yet i expect the next week to still be volatile and then, after that, i would expect us to kind of slowly move our way back to the upside overall, where the sentiment in the market, the fear and greed index would increase.

The ami had ratio would correct itself. Moving averages would also be working nicely as well, so overall um. I just wanted to kind of point out that sometimes you know, even though we have a positive move today with v chain pumping up by 10, we should also be very aware and acutely aware of some more volatility that i do expect to happen. On the smaller time frames, so now what were going to do is were going to jump down into that hourly view and talk about whats been going on okay, so there is a downward trend just over here guys, and we can see. This is something that weve been tracking since the 6th of september were tracking this quite nicely, and we tapped on it yesterday. As per my expectations, we then started to pull back down and then, basically, in the early afternoon, we started to see a bit of a rally back to the upside. We tapped on it again we pulled back down, but then we surged up now. What im really curious to know is obviously some things that are going on around coinbase and uh. You know i trust capital and all that kind of good stuff as to whether or not thats going to have caused this impact to the upside right and whether or not thats going to get debunked and actually causes us to pull back down. The good news is that we broke our trend: okay and we are sustaining an overall area, but its not sustainable for too long.

So we should be looking to pull back at some point and we are looking to find a support line of 9.2 if we can hold the 9.2 and then actually that will be a good move to the upside afterwards. And so we are looking for a correction. Thats the volatility that were talking about after all, more people are willing to sell right now, but i think theyre waiting to figure out whats going on and once it kind of happens well see. Hopefully, a good support area here were a good rally to the upside overall, where we go above our 9.8 area and above 10, overall, okay and so road to recovery is there, but it is a slow one, its something that were going to see um over a Period of time we are looking to see this momentum completely wiped out and it can be happening very quickly, um and it could be no price damaging whatsoever and just move straight on up right. But if we throw the volumes on here, we can take a look. We can see theres a good amount of volume, isnt a huge spike with volume to the upside, but its a nice steady amount of volume, little amounts of selling involved at the moment. So if that continues and we see a nice steady increase in purchasing, then it will continue and ultimately we want to see the volume drop down. Whilst we try to lower our stochastic rsi, bring that back down to the lower side and bring us down to a support level right and theres a couple here that are interesting, theres, one um that i think is too too close to call, but would be 9.

7 And otherwise, i do think we are likely to fall to 9.2, okay, so its all ready to see how today plays out. I do expect it to be a red day, uh overall, unless something amazing does happen and coinbase come out and say: yes, we are absolutely going to be uh supporting v chain, and if that is the case, then the expectation would be that we would basically stay Overbought up here and the volumes would increase okay um. If, however, that doesnt happen, the expectation should be that were looking to pull back to 9.2 and then from 9.2 look to try to go and rally above 10 overall um, so its good to see that downward trend has been broken. But i do expect a pullback to occur um after such a run that weve had recently and um. I think v chain has a very bright future ahead of it, its a bit of a one of those ones. That has had a deeper correction and it does need to work its way back up, but now were out of september were finishing the handle of our cup and handle pattern uh. We should be looking to target those key areas during this month of october and start to see some pretty good price action uh in november as well guys im gon na leave it there. But hopefully you have found this video useful and informative.