The support structure has broken down, yet whales and retail traders are still scrambling into the long train.
BNB’s trend of steadily rising lows had already been broken when the price fell below the previous low of $782. But in an extremely unusual twist, as the price slid from $792, neither whales nor retail traders exited. Instead, the long/short ratios for both groups climbed against the trend, hitting 48-hour highs, with nearly 70% of accounts positioned long.
The price is falling, but the longs are getting more and more crowded. Rather than accept the trend breakdown, traders are piling in together to bet on a rebound. If these highly concentrated long positions can’t hold, they could quickly turn into a brutal long squeeze. With the market having broken down, I don’t buy the bullish case when the train is this packed.
#BNB
👇
BNB’s trend of steadily rising lows had already been broken when the price fell below the previous low of $782. But in an extremely unusual twist, as the price slid from $792, neither whales nor retail traders exited. Instead, the long/short ratios for both groups climbed against the trend, hitting 48-hour highs, with nearly 70% of accounts positioned long.
The price is falling, but the longs are getting more and more crowded. Rather than accept the trend breakdown, traders are piling in together to bet on a rebound. If these highly concentrated long positions can’t hold, they could quickly turn into a brutal long squeeze. With the market having broken down, I don’t buy the bullish case when the train is this packed.
#BNB
👇
