$VELVET rebounded back to the previous high area and clearly got stuck. The moving average line above is pressing down hard; it feels like in the short term there may still be some downside before it turns.
$VELVET - No data
Trading framework:
Entry: 0.655 - 0.660
Stop loss (SL): 0.680
Target 1 (TP1): 0.630
Target 2 (TP2): 0.595
Target 3 (TP3): 0.560
Market analysis:
After that drop from the prior high at 1.24, the rebound hit around 0.67 and failed to hold up clearly. Now the price has been hovering below the moving average, and the trading volume has shrunk drastically—there really isn’t much willingness to step in and take the other side. As long as the level at 0.68 doesn’t break back above with volume, this weak structure will most likely, by momentum, revisit the support zone near 0.595. Going short in line with the trend is more reliable than stubbornly waiting for a rebound.
Follow the plan 👇
$VELVET - No data
Trading framework:
Entry: 0.655 - 0.660
Stop loss (SL): 0.680
Target 1 (TP1): 0.630
Target 2 (TP2): 0.595
Target 3 (TP3): 0.560
Market analysis:
After that drop from the prior high at 1.24, the rebound hit around 0.67 and failed to hold up clearly. Now the price has been hovering below the moving average, and the trading volume has shrunk drastically—there really isn’t much willingness to step in and take the other side. As long as the level at 0.68 doesn’t break back above with volume, this weak structure will most likely, by momentum, revisit the support zone near 0.595. Going short in line with the trend is more reliable than stubbornly waiting for a rebound.
Follow the plan 👇