$VELVET respected our Scenario 1 (Resistance-Turned-Support Retest)!
Price pulled back into the $0.55 - $0.60 demand zone, wicked down to $0.535, then printed a clear rejection before pumping back to $0.67. The $0.55 zone held as support exactly as planned.
Here is what I’m watching next for a confirmed long entry:$VELVET
A full 4H candle close above $0.70, not just a wick that pokes above and rejects back down before the candle timer ends.
Once confirmed, here’s the trade plan:
- Entry: $0.70 – $0.71
- TP1: $0.780
- TP2: $0.880
- TP3: $1.15
- TP4: $1.35
Stop Loss: $0.595
NFA! Always DYOR!
Price pulled back into the $0.55 - $0.60 demand zone, wicked down to $0.535, then printed a clear rejection before pumping back to $0.67. The $0.55 zone held as support exactly as planned.
Here is what I’m watching next for a confirmed long entry:$VELVET
A full 4H candle close above $0.70, not just a wick that pokes above and rejects back down before the candle timer ends.
Once confirmed, here’s the trade plan:
- Entry: $0.70 – $0.71
- TP1: $0.780
- TP2: $0.880
- TP3: $1.15
- TP4: $1.35
Stop Loss: $0.595
NFA! Always DYOR!