🚀 $VELODROME is showing a potential technical setup!
VELODROME/USDT on the 1W timeframe is showing a strong recovery off the lows, forming a bullish bounce along the ascending trendline and pushing past local Fibonacci resistance.
📈 The Technical Setup:
• The Pattern: Fibonacci Retracement and Trendline Support Bounce
• Short-term Target: 0.03561
• Macro Objective: 0.04201
• Market Structure: Reversal / Accumulation Breakout
🎯 Key Levels to Watch:
• Support / Accumulation Zone: 0.02203 - 0.02585
• Resistance: 0.03561
• Breakout Level: 0.03202
• Stop Loss / Invalidation: 0.02203
📊 Confirmation:
• Volume: Neutral/standard volume
• Momentum: Strong weekly bullish candle pushing past local resistance
• Trend: Higher low established above upward trending support line
⚠️ Invalidation:
A weekly close below 0.02203 would break the ascending trendline and invalidate the bullish reversal setup.
The asset is attempting a structural reversal from local lows, holding key support and pushing towards intermediate Fibonacci targets.
💎 Creator: NOUMAN_DON (@NOUMAN_DON)
#Velodrome #crypto #BinanceSquare #Binance #TechnicalAnalysis
VELODROME/USDT on the 1W timeframe is showing a strong recovery off the lows, forming a bullish bounce along the ascending trendline and pushing past local Fibonacci resistance.
📈 The Technical Setup:
• The Pattern: Fibonacci Retracement and Trendline Support Bounce
• Short-term Target: 0.03561
• Macro Objective: 0.04201
• Market Structure: Reversal / Accumulation Breakout
🎯 Key Levels to Watch:
• Support / Accumulation Zone: 0.02203 - 0.02585
• Resistance: 0.03561
• Breakout Level: 0.03202
• Stop Loss / Invalidation: 0.02203
📊 Confirmation:
• Volume: Neutral/standard volume
• Momentum: Strong weekly bullish candle pushing past local resistance
• Trend: Higher low established above upward trending support line
⚠️ Invalidation:
A weekly close below 0.02203 would break the ascending trendline and invalidate the bullish reversal setup.
The asset is attempting a structural reversal from local lows, holding key support and pushing towards intermediate Fibonacci targets.
💎 Creator: NOUMAN_DON (@NOUMAN_DON)
#Velodrome #crypto #BinanceSquare #Binance #TechnicalAnalysis
