VLXUSDT Channel Down short-term.Velas (VLXUSDT) has been trading within a Channel Down on the 1H time-frame following the price rejection last Friday on the 1D MA100 (red trend-line). Even though the 1H RSI is oversold last time the indicator entered those levels, Velas dropped some more before eventually reversing (April 26 - 27).
As a result, it is best to trade this set up based on the Fibonacci retracement levels. If the Channel breaks below, target the 0.786 Fib (0.13520) and in extension 0.12000. If the Channel breaks upwards, still wait for a confirmed break-out above the 0.382 Fib and target the 0.236 at 0.20900 and eventually the 0.24000 High.
Our long-term outlook on Velas is unchanged and remains bullish. Great investor choice.
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