On May 5th, I wrote about Bitcoin (BTC) for the first time on this blog.
I had been buying the cryptocurrencies for a few weeks, as I shared with DPA members in early April when Bitcoin was trading near $7,000.
VeChain (VET) is another cryptocurrency I started buying back in June.
I first wrote about it on June 26th.
Since those posts in May and June, Bitcoin is up just over 30%, while VeChain is up more than 100%.
Both BTC and VET have been going through some consolidation lately, which is no surprise given their recent gains.
However, VET continues to look strong relative to BTC.
The latest pullback was aggressive, but it also completed a near-perfect 50% retracement following the rally that started in late May.
Now it’s time to see if VET can carve a higher low against BTC.
If it can and buyers clear the 175 satoshis (sats) on a daily closing basis, that could trigger a push higher into 200 and perhaps 230 sats.
A satoshi or “sat” for short is the smallest unit of Bitcoin at just one hundred millionth of a single bitcoin (0.00000001 BTC).
A retest of the wedge top at 230 sats would be a gain of approximately 50% from today’s price, so this is one to watch.
I like the idea of a much higher VETBTC over the next two years as the current cyclical bull market in cryptos continues to unfold.
Disclaimer: I hold a position in Bitcoin and VeChain.