$VELVET โ Aggressive selling volume has triggered a sharp rejection from the local peak, forcing the price to collapse straight through short-term moving averages.
Short $VELVET
Entry: 1.02174
SL: 1.02700
TP1: 1.01942
TP2: 1.01794
TP3: 1.01500
Analyzing the 1-second timeframe for the $VELVET perpetual contract, the market structure has shifted heavily bearish after failing to sustain the high at 1.02662. The asset printed multiple consecutive distribution candles with substantial downside expansion, slicing directly underneath the EMA(7). The MACD histogram is rapidly diminishing toward the zero line, indicating an extreme loss of bullish momentum and hinting at an upcoming bearish cross. Given the velocity of this pullback and the breakdown of immediate micro-support, the trend favors a short position aiming for further downside extension toward the previous structural low at 1.01794.
Trade $VELVET here ๐.