Time doesn't slow as velocity increases, unless you are in a gravitational field, which has to do with acceleration rather than velocity. The behavior of time depends on the portion of velocity toward (or away from) an observer, and it can either run slower, or faster, depending on whether that motion is away from or toward the observer respectively.
If you are traveling away from me, I will observe your clock running slower than mine. If you are traveling toward me, however, I will observe your clock running faster than mine.
In common-sense (non-relativistic) terms, the observed time is doppler shifted by your speed toward or away from me, and this change is created and maintained by the travel time of light.
Acceleration, however, behaves differently. Your clock does run slower than mine while you are accelerating, and this includes the acceleration of being in a gravity well, regardless of whether you are actually moving relative to the source of the gravity. Motion relative to a gravity well increases the acceleration, and it increases it in proportion to the strength of the field.