$VELVET Based on the technicals for VELVET/USDT on the 1-hour chart, the price is currently testing a significant local peak after a strong upward rally (+10.13%). Since you are looking for a Short Setup, we are anticipating a rejection at this resistance level or a retracement of the recent parabolic move
Entry Zone: 0.08250 – 0.08350 (Wait for a rejection wick near the 24h High of 0.08355).
Take Profit 1: 0.07760 (Local support/liquidity grab).
Take Profit 2: 0.07220 (Key structural retest).
Take Profit 3: 0.06670 (Major daily trendline support).
Stop Loss: 0.08550 (Above the current 24h High to avoid being wicked out)
VELVET has pumped over 10% today, reaching major resistance. The 1H chart shows a possible exhaustion wick near the 0.083 level. If the volume starts fading here, we could see a healthy retracement to the 0.072 zone. Always use tight risk management! 🛡️$VELVET 👇
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