$MAGIC fell nearly 29% in one hour; this morning’s breakout has failed
In this morning’s post, I used 0.1285 as the level to watch for whether the breakout could hold. This afternoon, that line was no longer supportable, so the original judgment needs to be revised.
From 15:00 to 16:00, MAGIC dropped from 0.1595 to 0.1137, with trading volume expanding to about 7 times the median of the previous 24 hours. The decline came with volume, and the price also fell back below this morning’s breakout level, so it can no longer be treated as consolidation after a breakout.
At this point, if you keep focusing on the 24-hour green gains, it is easy to overlook the large retracement that just happened. My view is that the advantage from this morning’s breakout has already been lost; until 0.1285 is reclaimed, the rebound is not enough to show that the trend has recovered.
Binance spot, sampled at 16:40 on October 10. #MAGIC #MarketAnalysis
In this morning’s post, I used 0.1285 as the level to watch for whether the breakout could hold. This afternoon, that line was no longer supportable, so the original judgment needs to be revised.
From 15:00 to 16:00, MAGIC dropped from 0.1595 to 0.1137, with trading volume expanding to about 7 times the median of the previous 24 hours. The decline came with volume, and the price also fell back below this morning’s breakout level, so it can no longer be treated as consolidation after a breakout.
At this point, if you keep focusing on the 24-hour green gains, it is easy to overlook the large retracement that just happened. My view is that the advantage from this morning’s breakout has already been lost; until 0.1285 is reclaimed, the rebound is not enough to show that the trend has recovered.
Binance spot, sampled at 16:40 on October 10. #MAGIC #MarketAnalysis