Dear Fam,I kept talking about $VELVET around $0.70. It went on to rally above $2.17, and even after a sharp correction, it's still holding around $1.67. That's the kind of price behavior I pay attention to.
From a market structure perspective, the trend is still constructive. After the rejection at $2.17, sellers failed to push price back below the previous breakout zone. Instead, VELVET is building a base between $1.50-$1.70, with buyers repeatedly defending every dip. That's a sign of absorption, not panic selling.
Momentum is also improving. RSI has recovered above 70, reflecting renewed buying interest after cooling from the previous peak. More importantly, the chart is attempting to print another higher low, which is the first requirement for trend continuation. As long as $1.50 holds, bulls maintain the technical edge. A decisive break above $1.80-$1.90 would increase the probability of another test of the $2.17 high.
Strong trends rarely move in straight lines. They advance, consolidate, absorb supply, and then attempt the next leg higher. So far, VELVET continues to follow that structure.
Trade #Velvet here
$IN $SYN
From a market structure perspective, the trend is still constructive. After the rejection at $2.17, sellers failed to push price back below the previous breakout zone. Instead, VELVET is building a base between $1.50-$1.70, with buyers repeatedly defending every dip. That's a sign of absorption, not panic selling.
Momentum is also improving. RSI has recovered above 70, reflecting renewed buying interest after cooling from the previous peak. More importantly, the chart is attempting to print another higher low, which is the first requirement for trend continuation. As long as $1.50 holds, bulls maintain the technical edge. A decisive break above $1.80-$1.90 would increase the probability of another test of the $2.17 high.
Strong trends rarely move in straight lines. They advance, consolidate, absorb supply, and then attempt the next leg higher. So far, VELVET continues to follow that structure.
Trade #Velvet here
$IN $SYN