$VELVET
Price action's showing a proper fade in momentum after that sharp peak, innit?
It's pulling a proper 'top distribution' move with a string of lower highs
Now, it's still sitting above the longer-term moving average, but that recent bearish crossover with the fast one shows the buyers have well and truly lost the wheel
Momentum indicators are trying to bounce back from oversold, but there's no real volume behind it, so any little rally is just a quick retest of resistance, simple as
$VELVET
Most likely bit of business is a slide down towards the lower support lines
Current rise hasn't got the liquidity to break past them moving averages or push through the selling pressure
Jumping into buys right now is proper dodgy unless we see a massive breakout with huge volume
$VELVET
#VELVETWatch #Market_Update
Price action's showing a proper fade in momentum after that sharp peak, innit?
It's pulling a proper 'top distribution' move with a string of lower highs
Now, it's still sitting above the longer-term moving average, but that recent bearish crossover with the fast one shows the buyers have well and truly lost the wheel
Momentum indicators are trying to bounce back from oversold, but there's no real volume behind it, so any little rally is just a quick retest of resistance, simple as
$VELVET
Most likely bit of business is a slide down towards the lower support lines
Current rise hasn't got the liquidity to break past them moving averages or push through the selling pressure
Jumping into buys right now is proper dodgy unless we see a massive breakout with huge volume
$VELVET
#VELVETWatch #Market_Update
