Technical analysis by rudcharts about Symbol VELO: Buy recommendation (12/3/2024)

VELOUSD Daily Chart AnalysisVELOUSD has exhibited distinct market cycle phases, presenting a strong bullish setup.Key Observations1.Market Cycle Phases:oFrom April to July 2024, price underwent a steep downtrend, indicative of a distribution or markdown phase.oBetween July and November, price transitioned into an accumulation phase, consolidating within a defined range.2.Breakout Confirmation:oAt the end of November/start of December, price broke out of the accumulation range.oA spike in volume supports the validity of the breakout, and the price has sustained its position above the resistance level for 7 consecutive days, signaling strong buying pressure.Trade Details•Position: Long•Entry: 0.13341•Stop Loss: 0.11322 (15.13% risk)•Target: 0.22295 (67.12% potential return)•Risk-to-Reward Ratio: 4.43SummaryThe breakout from the accumulation range, supported by volume and momentum, suggests a continuation of bullish activity. The setup offers a favorable risk-to-reward ratio for long trades. Careful monitoring of the stop-loss level is recommended to protect against potential retracements.BoomAlways nice to get a little more than expected lol. In this case more than double.Exit: 0.32656, +144.78%, 9.57 RR ratioRe-entering trade longEntry: 0.27669Stoploss: 0.26187, -5.36%Target: Trailing 10ema 15min chartTrade close: Stop reached- dStoploss: 0.26187, -5.36%