$VELVET — Reclaiming $1.00 Changes the Structure 👀
VELVET coming back to $1.00 after the pullback is a strong development. The chart shows buyers defended the lower range and price is now attempting to reclaim the previous breakout area.
The key question now is whether $1.00 becomes support.
Levels I’m watching:
$1.00–$0.92 → key support/retest zone
$1.10–$1.17 → immediate resistance
$1.247 → previous major high
If $VELVET holds above $1.00 and breaks $1.17 with a strong 4H close, the next serious test is around $1.247.
A clean break above $1.247 would open the door for a much larger continuation.
But if $1.00 is rejected and price loses $0.92, I’d expect another deeper pullback toward $0.80.
Professional view: $1.00 is no longer just a psychological level — it is the key battleground. Hold it → continuation setup. Lose it → deeper retracement.
VELVET coming back to $1.00 after the pullback is a strong development. The chart shows buyers defended the lower range and price is now attempting to reclaim the previous breakout area.
The key question now is whether $1.00 becomes support.
Levels I’m watching:
$1.00–$0.92 → key support/retest zone
$1.10–$1.17 → immediate resistance
$1.247 → previous major high
If $VELVET holds above $1.00 and breaks $1.17 with a strong 4H close, the next serious test is around $1.247.
A clean break above $1.247 would open the door for a much larger continuation.
But if $1.00 is rejected and price loses $0.92, I’d expect another deeper pullback toward $0.80.
Professional view: $1.00 is no longer just a psychological level — it is the key battleground. Hold it → continuation setup. Lose it → deeper retracement.