$VELVET Right now, VELVET feels like a wild beast that just sprinted a hundred meters. It might not drop immediately, but it definitely needs to catch its breath.
The RSI has been hanging out in overbought territory for a while, and the short-term sentiment is super hyped. The risk-reward ratio for mindlessly chasing higher prices is starting to decline. If we can manage to flip the position around the 1.5-1.6 range, digest those profit takes and high-leverage positions, we could very well break through 2, and if we do, expect more upward momentum.
You could look to scoop up a dip at 2, and if you’re playing it safe, consider going short at 2.6-3, but if we hold above 3, be ready to cut losses immediately!
The RSI has been hanging out in overbought territory for a while, and the short-term sentiment is super hyped. The risk-reward ratio for mindlessly chasing higher prices is starting to decline. If we can manage to flip the position around the 1.5-1.6 range, digest those profit takes and high-leverage positions, we could very well break through 2, and if we do, expect more upward momentum.
You could look to scoop up a dip at 2, and if you’re playing it safe, consider going short at 2.6-3, but if we hold above 3, be ready to cut losses immediately!
