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VELVET Oversold Rebound is testing a key resistance level.
Go short immediately $VELVET
Entry: 0.0767 – 0.0775
Stop Loss: 0.07850
Take Profit 1: 0.07518
Take Profit 2: 0.07480
Take Profit 3: 0.07300
Although the deep oversold condition triggered a technical rebound, the price is quickly encountering previous key resistance zones. Heavy selling pressure above, with multiple moving averages forming resistance, indicates that the macro downtrend has not changed. This pause in the rebound at resistance levels is often an ideal opportunity for bears to re-enter. As long as selling pressure persists, the downside space may open again.
Trade $VELVET here 👇