Bearish ascending wedge could signal a 50% - 75% drop in VELO.There have been four times previous on VELO'S weekly chart when price peaked out on the RSI. After this peak, VELO'S price has dropped between 75.6% to as high as 99.95% from the presented peak. 6 weeks ago, VELO flashed this same signal for the 5th time in its history, indicating that a drop to the bottom trend line of the current bearish ascending wedge pattern could be imminent in the medium term.
If this is the case, and this pattern plays out for a 5th time, there could be some really good discount prices coming to add to your positions.
I'm not a VELO fan, and will be passing on this regardless of price, but for those who do, this could be time to be very cautious.
Good luck, and always use a stop-loss!
