$VELVET This bounce— the upper wick already shows the issue.
Price jumped from 0.087 to 0.0966, but after hitting the high it was pushed back down immediately. It formed a long upper wick, indicating that sell orders are fairly concentrated above 0.096. Although the MACD histogram has flipped positive, both the fast and slow lines are still far below the zero line. This kind of weak bullish crossover often lacks follow-through. The mid-band at 0.0987 is still capping the price. If 0.093 cannot be reclaimed, the probability of a pullback toward the 0.087 area is higher.
Entry: 0.0925
Stop loss: 0.0970
Take profit: 0.0870
$VELVET - Short 🔻
Enter from the downside 👇
Price jumped from 0.087 to 0.0966, but after hitting the high it was pushed back down immediately. It formed a long upper wick, indicating that sell orders are fairly concentrated above 0.096. Although the MACD histogram has flipped positive, both the fast and slow lines are still far below the zero line. This kind of weak bullish crossover often lacks follow-through. The mid-band at 0.0987 is still capping the price. If 0.093 cannot be reclaimed, the probability of a pullback toward the 0.087 area is higher.
Entry: 0.0925
Stop loss: 0.0970
Take profit: 0.0870
$VELVET - Short 🔻
Enter from the downside 👇
