VELAUSDT likely to head to 4h support and then bounce to 1.62

Jul 11, 2023

The price hit the 4h resistance 4HR2 and then pulling back since then. I expect this pullback to continue till the next support which is 4h support 4HS1. After that the price shall bounce from that 4h support 4HS1. The target for this bounce should be then the 4h resistance 4HR1 which is around 1.615-1.625 area.

Jul 11, 2023

Note

The first part of this trade idea is complete. The price has hit the 4h support 4HS1. Now the second trade idea is long from here towards 4h resistance 4HR1. The price shall bounce from this support zone according to our expecation. Lets see how it goes.

Jul 12, 2023

Trade closed: target reached

So the second trade also reahed the target with stipulated timeframe. This was a perfect dual trade having both short and long side. The price bounced from 4h support as per our expectation and headed towards 4h resistance 4HR1 and finally hit that. After that it is pexperiencing a pullback from that zone. Lets evaluate where we go from here in a next trade setup and corresponding post.