$VELVET has delivered an explosive rally and is now testing a major resistance zone that previously triggered a sharp rejection.
Price is approaching an area where sellers have historically stepped in, making this a critical level to watch.
If bulls fail to break and hold above this resistance, a healthy pullback could follow before the next leg higher. On the other hand, a decisive breakout with strong volume would invalidate the bearish outlook and open the door for further upside.
For now, patience is key. Chasing a vertical move into resistance can be risky, while waiting for confirmation often provides better opportunities. #bullish
Price is approaching an area where sellers have historically stepped in, making this a critical level to watch.
If bulls fail to break and hold above this resistance, a healthy pullback could follow before the next leg higher. On the other hand, a decisive breakout with strong volume would invalidate the bearish outlook and open the door for further upside.
For now, patience is key. Chasing a vertical move into resistance can be risky, while waiting for confirmation often provides better opportunities. #bullish