$IRYS Daily-chart golden cross. Let’s look at it from the perspective of chip distribution:
The bearish momentum histogram has shown 19 consecutive daily candles, indicating that bears have been in control throughout this period. Now, selling pressure is finally easing. However, the price is still below the zero line, with plenty of trapped holders overhead. A rebound into the previous high-volume trading area could run into selling pressure from investors looking to break even.
What do you make of this?
The bearish momentum histogram has shown 19 consecutive daily candles, indicating that bears have been in control throughout this period. Now, selling pressure is finally easing. However, the price is still below the zero line, with plenty of trapped holders overhead. A rebound into the previous high-volume trading area could run into selling pressure from investors looking to break even.
What do you make of this?