$VELVET – Rejection at Resistance, Bracing for a Deeper Correction 📉
Trading Plan: Short $VELVET * Entry Zone: 0.1068 – 0.1120
Stop Loss (SL): 0.1210
Take Profit (TP 1): 0.1010
Take Profit (TP 2): 0.0965
Take Profit (TP 3): 0.0944
Market Analysis:
The chart shows $ VELVER struggling to maintain its momentum after hitting a peak of 0.1239. We are seeing a clear rejection at higher levels, with the RSI(6) showing a downward curve, indicating that the buying exhaustion has kicked in.
The price is currently hovering near a local resistance, and the recent red candles suggest that sellers are gaining control. If the support at 0.1030 fails to hold, we expect a rapid decline toward the 0.0944 liquidity zone. This structure looks like a classic "lower high" formation, making it a high-probability setup for a short position.
Trade $VELVET cautiously and manage your risk! 👇