Velas ( VLXUSDT ) broke above the 4H MA50 (blue trend-line) on Monday for the first time since May 05 and has establish the 4H price action above it since. This short-term pattern is a Channel Up and is already above +90% up from the May 12 low.

The longer-term pattern is a Bearish Megaphone and every time the price broke above the 4H MA50, a rally started to the top of the pattern and at least the 1D MA100 (red trend-line). This time however that’s above the Megaphone so a short-term target on the 4H MA200 (orange trend-line) sounds more realistic. But if the 4H MA50 fails to support, expect the resume of the long-term bearish trend towards the 0.0520 Low and quite possibly 0.0400.

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