๐จ VELVETUSDT | Is the correction starting after the price explosion?
๐ Technical Signal: SELL
Entry: 0.89 โ 0.93
๐ฏ Take Profit: 0.70
๐ Stop Loss: 1.01
โฐ Timeframe: 1H
Quick Analysis: โ The trend is still bullish, but the price has hit strong resistance at 0.9846.
โ RSI is above 90, indicating severe overbought conditions.
โ The price is significantly away from the EMA, increasing the likelihood of a correction.
โ Price rejection from the peak supports the temporary downtrend scenario.
โ ๏ธ Breaking the 0.9846 level and closing above it invalidates the short scenario.
๐ Technical Signal: SELL
Entry: 0.89 โ 0.93
๐ฏ Take Profit: 0.70
๐ Stop Loss: 1.01
โฐ Timeframe: 1H
Quick Analysis: โ The trend is still bullish, but the price has hit strong resistance at 0.9846.
โ RSI is above 90, indicating severe overbought conditions.
โ The price is significantly away from the EMA, increasing the likelihood of a correction.
โ Price rejection from the peak supports the temporary downtrend scenario.
โ ๏ธ Breaking the 0.9846 level and closing above it invalidates the short scenario.