TradingShot

VLXUSDT Excellent short-term buy signal

Long
KUCOIN:VLXUSDT   Velas / Tether
Velas ( VLXUSDT ) has been trading within a Channel Down on the 4H time-frame since the January 22 low. So far the pattern has made two Lower Highs and two Lower Lows, with the last contact with the bottom of the Channel two days ago, potentially being the third Lower Low.

If the pattern continues to replicate the Lower Highs with near perfect symmetry, we can expect the next rise to top a little below the 0.786 Fibonacci retracement level, which is now at 0.2739. During the last bullish leg to a Lower High, the trigger was the break above the 4H MA100 (green trend-line). At the moment the 4H MA100 is a little below the 0.382, you may wait for tis confirmation but if you seek higher returns, buying now is also justified as the bottom of the Channel Down has been hit.

Excellent short-term trade on Velas, a coin with equally excellent long-term potential.



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