$AVAX keeps grinding along the bottom of its range and I don't love how quiet it is. Price is around 8.81, the 24h low tagged 8.67, and it's been sliding lower since that bounce near 10.2 about a week ago.
On the NanoTrading Fire chart 4h the heatmap shows a thick liquidity band right around 9.00 stretching across most of the chart, so every bounce into 9 has been getting sold. Above that, the next real pocket is the bright block near 10.00. Below price there isn't much on the map until the lows, which is what bugs me.
Binance futures look like dip buyers are still positioned for a bounce that isn't coming yet. Open interest bled from about $89.5M to $86.4M over the last day, funding is basically flat, and roughly 60% of accounts are long while top traders sit around 69% long (L/S 2.24). Crowded longs plus falling OI near range lows usually means one more flush first.
My read: as long as $AVAX stays under 9.00 I'm leaning bearish and watching for a wick below 8.67. A clean 4h reclaim of 9.00 would flip me and put 10.00 back in play.
Do you think 9 flips to support this week or do we see 8.5 first?
NFA, just my chart notes 👀
Source: NanoTrading Fire chart (nanotradingclub.xyz)
#AVAX #Avalanche #NanoTrading
On the NanoTrading Fire chart 4h the heatmap shows a thick liquidity band right around 9.00 stretching across most of the chart, so every bounce into 9 has been getting sold. Above that, the next real pocket is the bright block near 10.00. Below price there isn't much on the map until the lows, which is what bugs me.
Binance futures look like dip buyers are still positioned for a bounce that isn't coming yet. Open interest bled from about $89.5M to $86.4M over the last day, funding is basically flat, and roughly 60% of accounts are long while top traders sit around 69% long (L/S 2.24). Crowded longs plus falling OI near range lows usually means one more flush first.
My read: as long as $AVAX stays under 9.00 I'm leaning bearish and watching for a wick below 8.67. A clean 4h reclaim of 9.00 would flip me and put 10.00 back in play.
Do you think 9 flips to support this week or do we see 8.5 first?
NFA, just my chart notes 👀
Source: NanoTrading Fire chart (nanotradingclub.xyz)
#AVAX #Avalanche #NanoTrading