$VELVET is looking a bit overheated on the 30M timeframe.
Current price at 0.3402 has already hit the new high range for the past 28 days.
🚨 At this moment, the price is deviating from the EMA144 moving average by a whopping 66.21%.
RSI has shot up to 82.51, and short-term momentum has entered a serious overbought zone.
📊 High volumes have reached a 3.88x average, making the cost-effectiveness of chasing long positions drop sharply.
The bullish structure is still intact, but the excessive deviation is significantly increasing the pressure for mean reversion.
⚠️ The most critical level to defend now is the 0.34875 key invalidation point.
Keep an eye on the 0.3402 level to see if it can hold.
Trading plan (short):
Entry: 0.34024 – 0.34126
Stop Loss: 0.34875
First Target: 0.29656
Second Target: 0.25287
Third Target: 0.20787
Why this setup?
• RSI 82.5 has already entered the overbought zone, and the cost-effectiveness of further upward movement is too low.
• Price deviation from EMA144 has reached 63.7%, facing strong reversion pressure.
• A large volume of 3.88x has been released; after such high-volume actions, bullish momentum tends to wane.
• The stop loss at 0.34875 offers only 2.5% room, while the downward path is clearly stratified.
⚠️ N.F.A. For reference only.👇️
#BTC #ETH $BTC $ETH
Current price at 0.3402 has already hit the new high range for the past 28 days.
🚨 At this moment, the price is deviating from the EMA144 moving average by a whopping 66.21%.
RSI has shot up to 82.51, and short-term momentum has entered a serious overbought zone.
📊 High volumes have reached a 3.88x average, making the cost-effectiveness of chasing long positions drop sharply.
The bullish structure is still intact, but the excessive deviation is significantly increasing the pressure for mean reversion.
⚠️ The most critical level to defend now is the 0.34875 key invalidation point.
Keep an eye on the 0.3402 level to see if it can hold.
Trading plan (short):
Entry: 0.34024 – 0.34126
Stop Loss: 0.34875
First Target: 0.29656
Second Target: 0.25287
Third Target: 0.20787
Why this setup?
• RSI 82.5 has already entered the overbought zone, and the cost-effectiveness of further upward movement is too low.
• Price deviation from EMA144 has reached 63.7%, facing strong reversion pressure.
• A large volume of 3.88x has been released; after such high-volume actions, bullish momentum tends to wane.
• The stop loss at 0.34875 offers only 2.5% room, while the downward path is clearly stratified.
⚠️ N.F.A. For reference only.👇️
#BTC #ETH $BTC $ETH