Trading Plan Short $VELVET
$VELVET wicked 0.9307 resistance after a big bounce. Sellers defending.
Entry: $0.8491-$0.8691
Stoploss: $0.9350
Targets: $0.8250 / $0.7600 / $0.6500
VELVET saw a 1H rejection from 0.9307. Price is well below EMA21/50, acting as strong resistance. Funding is rising, longs paying up after the dump. OI is up 12.7% on this bounce, suggesting shorts piling in for continuation. Top traders are 1.46 long, crowded positioning. Reclaim 0.9350, short voided.
Trade $VELVET here 👇
$VELVET wicked 0.9307 resistance after a big bounce. Sellers defending.
Entry: $0.8491-$0.8691
Stoploss: $0.9350
Targets: $0.8250 / $0.7600 / $0.6500
VELVET saw a 1H rejection from 0.9307. Price is well below EMA21/50, acting as strong resistance. Funding is rising, longs paying up after the dump. OI is up 12.7% on this bounce, suggesting shorts piling in for continuation. Top traders are 1.46 long, crowded positioning. Reclaim 0.9350, short voided.
Trade $VELVET here 👇