$VELVET 2.6x Volume Spike: Relief Bounce or Trap?
My bias remains bearish. The sharp 3.5% move on 2.6x volume looks more like a liquidity-driven relief bounce into resistance than genuine accumulation, especially with 1H and daily structure still bearish and BTC remaining weak.
Key resistance sits around 0.1127, followed by 0.1140–0.1179. If price rejects this zone, I’m watching 0.1045 first, then 0.1001, with 0.0935 and 0.0875 as deeper liquidity targets.
Short zone: 0.1105–0.1127, but only after confirmation such as a rejection wick, bearish engulfing, or lower-timeframe structure shift. No confirmation, no chase.
A clean 1H close above 0.1127 with follow-through would invalidate the bearish setup and shift my bias bullish.$VELVET
#VELVET #CryptoTrading #Altcoins #TechnicalAnalysis #Binance
My bias remains bearish. The sharp 3.5% move on 2.6x volume looks more like a liquidity-driven relief bounce into resistance than genuine accumulation, especially with 1H and daily structure still bearish and BTC remaining weak.
Key resistance sits around 0.1127, followed by 0.1140–0.1179. If price rejects this zone, I’m watching 0.1045 first, then 0.1001, with 0.0935 and 0.0875 as deeper liquidity targets.
Short zone: 0.1105–0.1127, but only after confirmation such as a rejection wick, bearish engulfing, or lower-timeframe structure shift. No confirmation, no chase.
A clean 1H close above 0.1127 with follow-through would invalidate the bearish setup and shift my bias bullish.$VELVET
#VELVET #CryptoTrading #Altcoins #TechnicalAnalysis #Binance