$BTW This needle is kind of interesting. The 24h drop is 16% down to 1.2413—looks scary, but pay attention to the trading volume: 315.5M. This volume, coming out during the selloff, can’t be caused by retail investors cutting their losses and smashing it down. From the low at 0.8646 to the current price, there’s nearly a 40-point swing in between—suggesting someone is actively picking it up just below $1.
I’m just guessing: this kind of structure is either a market maker washing out floating shares, or someone had advance knowledge and is withdrawing. Either way, they point to the same action—shares are being rotated/changed hands. The panic sellers have already handed over the order flow, and the buyers don’t look like they’re just there to stand guard.
My bias is slightly bullish. Not because of the usual technical indicators and moving averages, but because of volume-price divergence: the downside expands, yet the trading volume hasn’t completely collapsed, and selling pressure doesn’t seem to have follow-through. If it’s really going to keep breaking down, the volume would need to be at least double what it is now. The high at 1.76 above is out of reach in the short term—first, let’s see whether it can hold above 1.3.
Position sizing is up to you. I’m only trusting half of this; the other half I’ll keep for watching what happens next.
I’m just guessing: this kind of structure is either a market maker washing out floating shares, or someone had advance knowledge and is withdrawing. Either way, they point to the same action—shares are being rotated/changed hands. The panic sellers have already handed over the order flow, and the buyers don’t look like they’re just there to stand guard.
My bias is slightly bullish. Not because of the usual technical indicators and moving averages, but because of volume-price divergence: the downside expands, yet the trading volume hasn’t completely collapsed, and selling pressure doesn’t seem to have follow-through. If it’s really going to keep breaking down, the volume would need to be at least double what it is now. The high at 1.76 above is out of reach in the short term—first, let’s see whether it can hold above 1.3.
Position sizing is up to you. I’m only trusting half of this; the other half I’ll keep for watching what happens next.