The VELVET strategy setup I shared earlier has played out, and we’ve safely banked the profits from this move. With undercurrents and divergence emerging at the same time, I see this rebound at $HEMI as more of a pause during a downtrend. From the daily chart down to the hourly chart, price has remained below EMA50 and EMA200. The bearish moving-average alignment is intact, and the trend direction is clear. Rebound volume hasn’t expanded consistently, suggesting limited buying interest, while the cluster of moving averages overhead is acting as resistance.
Given this structure, I’m more inclined to view the rebound as an opportunity to enter short rather than a trend reversal. As long as price fails to reclaim the hourly EMA50, the bearish thesis remains valid. Keep your position size small and manage risk carefully.
🔴 Trade direction: Short
📍 Entry range: 0.0057907 – 0.0057995
🛑 Stop loss: 0.0058971
🎯 Take profit 1: 0.0057186
🎯 Take profit 2: 0.0056676
🎯 Take profit 3: 0.0055911
Take in the vastness of mountains and seas; observe the market’s subtle shifts.
Trade alongside Uncle Xiong, and witness the gains and losses of the world.
#HEMI
Click below to trade 👇
Given this structure, I’m more inclined to view the rebound as an opportunity to enter short rather than a trend reversal. As long as price fails to reclaim the hourly EMA50, the bearish thesis remains valid. Keep your position size small and manage risk carefully.
🔴 Trade direction: Short
📍 Entry range: 0.0057907 – 0.0057995
🛑 Stop loss: 0.0058971
🎯 Take profit 1: 0.0057186
🎯 Take profit 2: 0.0056676
🎯 Take profit 3: 0.0055911
Take in the vastness of mountains and seas; observe the market’s subtle shifts.
Trade alongside Uncle Xiong, and witness the gains and losses of the world.
#HEMI
Click below to trade 👇