$VELVET is pressing into an overhead resistance zone where the recovery appears to be losing momentum
Trading Plan Short $VELVET
Entry: 0.690 – 0.715
SL: 0.755
TP: 0.640
TP: 0.587
TP: 0.545
The 4h chart shows a powerful spike from around 0.40 to 0.8887, followed by an equally sharp rejection. Price recovered from the subsequent drop, but the rebound is now struggling around 0.69–0.72 and has not reclaimed the previous spike structure.
The latest candles show repeated hesitation near this resistance rather than clean continuation. If a bounce into 0.690–0.715 is rejected again, sellers could rotate price toward 0.640 first, followed by the 0.587 support region and potentially 0.545.
A sustained 4h break above 0.755 would invalidate the short setup.
Trade $VELVET here 👇
Trading Plan Short $VELVET
Entry: 0.690 – 0.715
SL: 0.755
TP: 0.640
TP: 0.587
TP: 0.545
The 4h chart shows a powerful spike from around 0.40 to 0.8887, followed by an equally sharp rejection. Price recovered from the subsequent drop, but the rebound is now struggling around 0.69–0.72 and has not reclaimed the previous spike structure.
The latest candles show repeated hesitation near this resistance rather than clean continuation. If a bounce into 0.690–0.715 is rejected again, sellers could rotate price toward 0.640 first, followed by the 0.587 support region and potentially 0.545.
A sustained 4h break above 0.755 would invalidate the short setup.
Trade $VELVET here 👇