VELAS IS IN THE PROGRESS - TO THE TOP, WHERE IT BELONGSDescending Triangle Pattern:
A bearish continuation pattern is forming, typically indicating potential further downside if it breaks below the horizontal support. However, a breakout above the descending resistance could invalidate this pattern and indicate bullish momentum.
Support and Resistance Levels:
Support Levels:
$0.0075: A critical support zone. A break below this level could lead to significant downward momentum.
$0.0052: The next potential target for bearish continuation.
Resistance Levels:
$0.0165: Key resistance from the descending triangle trendline.
$0.0202 and $0.0251: Potential targets for a bullish breakout.
$0.0338: A major long-term resistance level.
Indicators:
RSI (Relative Strength Index):
RSI is hovering near 44, showing a neutral to slightly bearish sentiment. A move below 30 would indicate oversold conditions, while crossing above 50 could signal bullish momentum.
Stochastic Oscillator:
Currently near oversold territory (15.97), suggesting the potential for a bullish reversal in the short term.
VMACD (Visual MACD):
Divergences observed on the chart indicate a potential bullish reversal. Pay attention to the crossover points.
Market Sentiment:
The ongoing consolidation within the triangle suggests indecision in the market. A clear breakout or breakdown will dictate the next directional move.
Trading Plan
Entry Strategy:
IMMEDIATELY
Exit Strategy:
When you feel good about it :)
