$TRB is down 7.8%. At 21:00, price broke below the 19.88 low of the 10:00 candle, dipping to a daily low of 19.65; it's now at 19.89. The Gate daily high of 23.6 was reached at 2:00 a.m., with 24-hour volume at around 14.45 million U.
Price action: At 10:00, a candle with about 2.26 million U in volume plunged from 21.97 to 19.88, then recovered to close at 21.1, making it look like buyers were stepping in. But over the next 11 hours, each high was lower than the last: 21.37, 21.18, 20.85, 20.66, 20.49, 20.08. After 15:00, hourly volume fell to just around 190,000–450,000 U—a low-volume drift down, with buyers no longer showing up.
Reason: The broader market is weighing on it. BTC is down 3.5% to 83,300, and altcoins are broadly lower. The funding rate is still +0.005% (4h), so longs are still paying and haven't capitulated.
Conclusion: Don't buy the dip. Short a bounce to 20.3–20.4, with a stop at 20.7 and a target of 19.3. If price reclaims 20.7 on rising volume, admit the trade is wrong and exit.
Price action: At 10:00, a candle with about 2.26 million U in volume plunged from 21.97 to 19.88, then recovered to close at 21.1, making it look like buyers were stepping in. But over the next 11 hours, each high was lower than the last: 21.37, 21.18, 20.85, 20.66, 20.49, 20.08. After 15:00, hourly volume fell to just around 190,000–450,000 U—a low-volume drift down, with buyers no longer showing up.
Reason: The broader market is weighing on it. BTC is down 3.5% to 83,300, and altcoins are broadly lower. The funding rate is still +0.005% (4h), so longs are still paying and haven't capitulated.
Conclusion: Don't buy the dip. Short a bounce to 20.3–20.4, with a stop at 20.7 and a target of 19.3. If price reclaims 20.7 on rising volume, admit the trade is wrong and exit.