Just had a fan ask me whether this chart—$ONG —can still be “buying the dip” going forward?
I told him directly: don’t rush to buy the dip. This isn’t some “opportunity created by a drop.” After the earlier explosive rally, the broker/market maker has already been distributing the shares at the high level for the most part.
Look at how strong the prior trend is—it pushed up steadily along the moving averages, giving the impression that it’s about to break the previous high and kick off a big move. But when everyone rushes in to chase the price, it suddenly goes sideways at the high level. It still looks strong, but it’s actually slowly shedding/disposing of positions. Once all the intended buyers have taken the bait, it starts to push the price down.
Now the chart is clearly weakening. After that big bearish candle at the high level, the rebound hasn’t been able to regain that level. The moving averages have also started to slope downward, and the MACD has even turned down—showing that the bears have already started to take the upper hand.
Trading advice:
For long positions, you can wait a bit longer. The bearish momentum is still suppressing. Either stay in cash and observe, or rotate into other coins.
#英伟达开盘140分钟成交335亿美元 #央行Q2购金289吨创纪录 #韩股KOSPI因AI热潮降温下跌 $BTC $SOL
I told him directly: don’t rush to buy the dip. This isn’t some “opportunity created by a drop.” After the earlier explosive rally, the broker/market maker has already been distributing the shares at the high level for the most part.
Look at how strong the prior trend is—it pushed up steadily along the moving averages, giving the impression that it’s about to break the previous high and kick off a big move. But when everyone rushes in to chase the price, it suddenly goes sideways at the high level. It still looks strong, but it’s actually slowly shedding/disposing of positions. Once all the intended buyers have taken the bait, it starts to push the price down.
Now the chart is clearly weakening. After that big bearish candle at the high level, the rebound hasn’t been able to regain that level. The moving averages have also started to slope downward, and the MACD has even turned down—showing that the bears have already started to take the upper hand.
Trading advice:
For long positions, you can wait a bit longer. The bearish momentum is still suppressing. Either stay in cash and observe, or rotate into other coins.
#英伟达开盘140分钟成交335亿美元 #央行Q2购金289吨创纪录 #韩股KOSPI因AI热潮降温下跌 $BTC $SOL
