🐻 $VELVET CRASHES THROUGH KEY SUPPORT! BEARS IN FULL CONTROL! 📉
The 4-hour chart for VELVETUSDT is printing a highly bearish structural breakdown. After failing to sustain its macro rally toward the 2.00 psychological target (marked at 2.0042), the price has faced intense distribution and has just sliced right through a vital support floor.
📊 The Technical Breakdown:
Current Price: 1.4292 (Down a steep -8.21% on the current 4H candle).
The Support Loss: Bulls completely lost the crucial orange horizontal floor at 1.5447. The price is also trading well below the 4H EMA 5 (1.5361), confirming aggressive selling momentum.
The Next Target Down: With the orange support officially flipped into overhead resistance, the bears are now eyeing the cyan support line down at 1.3240.
Macro Invalidation Zone: If the panic accelerates and 1.3240 snaps, the next major historical demand areas rest way lower at 0.8989 and 0.7801.
The Strategy:
Late shorters run the risk of getting caught in a volatile relief wick back up to retest the broken 1.5447 level from below. However, until the bulls can reclaim that orange line, the path of least resistance remains firmly to the downside.
Are you catching the falling knife near the cyan line, or waiting for a clean short retest at the broken floor? Drop your trade setups below! 👇
#Velvet #VELVETUSDT #cryptotrading #TechnicalAnalysis #CryptoPullback
$RE
$SOL
The 4-hour chart for VELVETUSDT is printing a highly bearish structural breakdown. After failing to sustain its macro rally toward the 2.00 psychological target (marked at 2.0042), the price has faced intense distribution and has just sliced right through a vital support floor.
📊 The Technical Breakdown:
Current Price: 1.4292 (Down a steep -8.21% on the current 4H candle).
The Support Loss: Bulls completely lost the crucial orange horizontal floor at 1.5447. The price is also trading well below the 4H EMA 5 (1.5361), confirming aggressive selling momentum.
The Next Target Down: With the orange support officially flipped into overhead resistance, the bears are now eyeing the cyan support line down at 1.3240.
Macro Invalidation Zone: If the panic accelerates and 1.3240 snaps, the next major historical demand areas rest way lower at 0.8989 and 0.7801.
The Strategy:
Late shorters run the risk of getting caught in a volatile relief wick back up to retest the broken 1.5447 level from below. However, until the bulls can reclaim that orange line, the path of least resistance remains firmly to the downside.
Are you catching the falling knife near the cyan line, or waiting for a clean short retest at the broken floor? Drop your trade setups below! 👇
#Velvet #VELVETUSDT #cryptotrading #TechnicalAnalysis #CryptoPullback
$RE
$SOL