VELOUSDT trade ideas
VELO about to bounce?That token has been in a solid decline of >99% WOW
We see:
1) Price has reached 1.618 extension where price could reserve
2) Broke the bottom of the trend channel
3) RSI double bottom
4) RSI Bullish divergency
Lookout:
Expecting this to at least do a bear rally up to midline (2.5x 0.236 confluence) or top of channel (10x, nice confluence 0.382)
Hold my beer pls
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No financial advice, do your own research, don't be stupid
Velo potential for huge impulse (.135)Fundamentals: Monthly token burn of 2B & integration in to new veDAO project.
Velo is ranging within a corrective ABC triangle. The top of the triangle is at ~.105 and the bottom is ~.037. TA tells us a breakout of the triangle can expect an impulse equaling the height of the triangle (.105-.037 =.068). .068 impulse at the triangle breakout point of .065 would take the price to the daily 200 EMA at ~.135 which coincides with the 3.272 extension fib of the last impulse on 04/15. Low liquidity and a long downtrend could lead this impulse to occur very quickly. Beyond the move to .135 there is potential for more upside to the .23 and .45 price.
Velo ProtocolOn the above 1-day chart price action has corrected near 80% since the beginning of September. Just heinous for those holding during that time. A ‘incredible buy’ signal now appears as Stochastic RSI is crossing up 20.
The situation is the same on the VELO/BTC chart with a 70% sell off to support following the ‘great sell’ alert (below).
Is it possible price action falls further? For sure.
Is it probable? 10%. In that a ‘incredible buy’ represents a 90% chance of upside.
A buy from 27 cents is amazing.
Target? To the upper side of channel 12-16 weeks from now @ $2.15
Good luck!
WW
1-day VELO / BTC chart
VELOUSDT Technical Analysis⏳ Spot
💎 VELOUSDT has formed a Wedge pattern. After the rejection from the support zone and breaking above the major resistance it is expected to go higher and reach TPs
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💵 Invest Only 5% of your Portfolio
🎳 Entry/Pullback now or from 0.214267 to 0.200376
☕️ TP1 0.229842
🍺 TP2 0.273200
🍻 TP3 0.328344
🍾 TP4 0.375911
🍷 TP5 0.422215
🍸 TP6
🍹 TP7
🎁 TP8
🚫 SL 0.200376 to 0.181854
Good Luck 🎲
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VELO/USDT Ascending TriangleVELO in USDT pairing is forming an Ascending Triangle. This is typically a bullish pattern. A breakout can send us up 10-20% (green box) area. On the other side, there is much resistance here at top of triangle. BTC also can consolidate some from its previous pump and make alts cool off, in the case BTC consolidates we can see VELO and other alts break down into the (red box) areas. Stop loss would be a violation of the bottom support trendline in the triangle. Right now we are anticipating strong momentum to push us through while understanding market conditions and knowing where to place SL.