Even though the moving averages are still holding up appearances (MA7 stands above MA30), deep beneath the surface the market has already started to dismantle itself: the daily MACD has directly formed a dead cross, and the volume ratio has steadily shrunk to 0.785.
What’s even more convoluted is the split between positions and the order book. The long-vs-short accounts ratio has been pushed up to 2.13, suggesting many retail traders are betting on the bulls; but the active buy/sell within the market is only a meager 0.61—on paper everything looks bullish, yet no one is willing to actively sweep the overhead liquidity with real money.
The resistance band around $750 to $770 has just been hit and rolled over, but there’s no sign of panic selling to the downside either. With low volume and a lack of proactive buying, neither side can decisively overpower the other—trading just churns and grinds back and forth within the range, and there’s essentially no way to break into a one-way trend.
#BNB
What’s even more convoluted is the split between positions and the order book. The long-vs-short accounts ratio has been pushed up to 2.13, suggesting many retail traders are betting on the bulls; but the active buy/sell within the market is only a meager 0.61—on paper everything looks bullish, yet no one is willing to actively sweep the overhead liquidity with real money.
The resistance band around $750 to $770 has just been hit and rolled over, but there’s no sign of panic selling to the downside either. With low volume and a lack of proactive buying, neither side can decisively overpower the other—trading just churns and grinds back and forth within the range, and there’s essentially no way to break into a one-way trend.
#BNB