📊 $VELVET Technical Analysis & Setup
$VELVET recently flushed 9.5% accompanied by a massive 14x volume spike, signaling an aggressive high-volume breakdown. The 1-hour trend remains strictly bearish below the EMA20 and EMA200, with falling open interest confirming heavy sell-side pressure.
• Key Support / Demand: 0.06841 and 0.06499 (main downside targets)
• Resistance / Supply Targets: 0.07177, 0.07323 (retest zone) and 0.07419 (FVG base)
• Trigger / Confirmation: Bearish rejection on a retest of 0.07177–0.07323 or failure to reclaim 0.07419 with heavy sell volume
• Risk / Invalidation: Hourly candle close above 0.07902 flips structure and invalidates the short bias
• Market Execution: High execution volatility; manage positioning via standard market depth rebalancing and order flow confirmation
Do not chase the initial flush candle. Wait for a low-risk pullback into the supply zone before looking for confirmation.
DYOR — Educational setup, not financial advice.
#BinanceSquare #Crypto #VELVET #Trading
$VELVET recently flushed 9.5% accompanied by a massive 14x volume spike, signaling an aggressive high-volume breakdown. The 1-hour trend remains strictly bearish below the EMA20 and EMA200, with falling open interest confirming heavy sell-side pressure.
• Key Support / Demand: 0.06841 and 0.06499 (main downside targets)
• Resistance / Supply Targets: 0.07177, 0.07323 (retest zone) and 0.07419 (FVG base)
• Trigger / Confirmation: Bearish rejection on a retest of 0.07177–0.07323 or failure to reclaim 0.07419 with heavy sell volume
• Risk / Invalidation: Hourly candle close above 0.07902 flips structure and invalidates the short bias
• Market Execution: High execution volatility; manage positioning via standard market depth rebalancing and order flow confirmation
Do not chase the initial flush candle. Wait for a low-risk pullback into the supply zone before looking for confirmation.
DYOR — Educational setup, not financial advice.
#BinanceSquare #Crypto #VELVET #Trading