Trading Plan Short $VELVET
$VELVET just dumped hard, flushing all support and now attempting a dead cat bounce.
Entry: $0.1118-$0.1148
Stoploss: $0.1220
Targets: $0.1080 / $0.0960 / $0.0800
VELVET is in a clear strong bear trend across 1h and 4h. The 20% dump yesterday took out all local support. Current bounce looks weak, just retesting the broken structure around $0.1150. OI is up 7.8% on the dump while funding is still positive, which means new shorts aren't paying much yet. Taker sell volume is aggressive, sellers still in control. A clean reclaim of $0.1220 invalidates the short.
Trade $VELVET here 👇
$VELVET just dumped hard, flushing all support and now attempting a dead cat bounce.
Entry: $0.1118-$0.1148
Stoploss: $0.1220
Targets: $0.1080 / $0.0960 / $0.0800
VELVET is in a clear strong bear trend across 1h and 4h. The 20% dump yesterday took out all local support. Current bounce looks weak, just retesting the broken structure around $0.1150. OI is up 7.8% on the dump while funding is still positive, which means new shorts aren't paying much yet. Taker sell volume is aggressive, sellers still in control. A clean reclaim of $0.1220 invalidates the short.
Trade $VELVET here 👇
