đ¨ ARC is in free fall! Down 57% in 24H, after briefly nearing a 60% loss earlierâbulls have been knocked off course!
But whatâs really strange is that short-term data is showing a rebound: +1.4% in 5 minutes and +9.4% in 1 hour, while OI is up 1.4% and trading volume has surged 3.6Ă. Meanwhile, retail bearish sentiment has reached 4.6Ă. The discussion data and market action are at odds, so the data needs verification.
đ What does this mean? Shorts are already crowded, so chasing the drop could run into a rebound. But $4.66 million was liquidated in the past hour, 92% of it from long positions, which also shows that bulls have just been through a brutal shakeout. Getting the direction right doesnât mean you can make money safely.
My take: The broader trend is bearish, but absolutely donât blindly chase shorts here! A weak rebound and renewed volume from sellers would point to a continuation of the downtrend. If the market quickly recovers its short-term losses, watch out for a rebound triggered by short covering.
Do you think ARC will see an oversold bounce next, or keep plunging toward new lows? đ
#ARC #CryptoTrading
But whatâs really strange is that short-term data is showing a rebound: +1.4% in 5 minutes and +9.4% in 1 hour, while OI is up 1.4% and trading volume has surged 3.6Ă. Meanwhile, retail bearish sentiment has reached 4.6Ă. The discussion data and market action are at odds, so the data needs verification.
đ What does this mean? Shorts are already crowded, so chasing the drop could run into a rebound. But $4.66 million was liquidated in the past hour, 92% of it from long positions, which also shows that bulls have just been through a brutal shakeout. Getting the direction right doesnât mean you can make money safely.
My take: The broader trend is bearish, but absolutely donât blindly chase shorts here! A weak rebound and renewed volume from sellers would point to a continuation of the downtrend. If the market quickly recovers its short-term losses, watch out for a rebound triggered by short covering.
Do you think ARC will see an oversold bounce next, or keep plunging toward new lows? đ
#ARC #CryptoTrading