$NEAR The rebound is showing signs of weakening, increasing the risk of further declines and putting leveraged Long positions under liquidation pressure.
The bounce closed at 5.054 on volume 6.65× the average of the previous 20 candles, but was immediately met by a sell candle at 4.33× volume, showing that buyers have yet to hold on to their gains despite deploying substantial force.
The latest H1 candle closed at 4.862, while volume was only 0.57×, making the recovery unconvincing as evidence that the downtrend has ended!
If the price closes below 4.750 on H1 and then fails to retest successfully, the case for a return to test 4.628 will strengthen, bringing the risk of Long liquidations with it; this still needs confirmation and is not yet a signal to chase a Short position!!!
Will the Long side defend the price floor, or was that recent surge merely the opening act to lure in more passengers before another leg down?
The bounce closed at 5.054 on volume 6.65× the average of the previous 20 candles, but was immediately met by a sell candle at 4.33× volume, showing that buyers have yet to hold on to their gains despite deploying substantial force.
The latest H1 candle closed at 4.862, while volume was only 0.57×, making the recovery unconvincing as evidence that the downtrend has ended!
If the price closes below 4.750 on H1 and then fails to retest successfully, the case for a return to test 4.628 will strengthen, bringing the risk of Long liquidations with it; this still needs confirmation and is not yet a signal to chase a Short position!!!
Will the Long side defend the price floor, or was that recent surge merely the opening act to lure in more passengers before another leg down?