$BTR
About 17.4 million tokens will be unlocked on October 27. Open interest (OI) has risen sharply and the long/short ratio is skewed bullish, suggesting this rally is a speculative push driven by expectations around the unlock.
In the short term, the price surged violently from around 0.0425 to 0.072, and has now pulled back to consolidate around 0.061. Trading volume has clearly contracted, with signs of heavy distribution at higher levels. The momentum behind the pullbacks after each spike is weakening. It looks like the price surged first and is now slowly grinding sideways, and could weaken at any time.
Support: 0.055 / 0.050 (with strong support lower down at 0.0425)
Resistance: 0.065 / 0.072
My personal trade: Short
Entry: 0.063–0.066
Stop-loss: 0.075
Take-profit: First target 0.055; second target 0.045.
It’s safer to wait for a rebound into the resistance zone before shorting. Note that volatility may pick up as the unlock approaches.
DYOR
About 17.4 million tokens will be unlocked on October 27. Open interest (OI) has risen sharply and the long/short ratio is skewed bullish, suggesting this rally is a speculative push driven by expectations around the unlock.
In the short term, the price surged violently from around 0.0425 to 0.072, and has now pulled back to consolidate around 0.061. Trading volume has clearly contracted, with signs of heavy distribution at higher levels. The momentum behind the pullbacks after each spike is weakening. It looks like the price surged first and is now slowly grinding sideways, and could weaken at any time.
Support: 0.055 / 0.050 (with strong support lower down at 0.0425)
Resistance: 0.065 / 0.072
My personal trade: Short
Entry: 0.063–0.066
Stop-loss: 0.075
Take-profit: First target 0.055; second target 0.045.
It’s safer to wait for a rebound into the resistance zone before shorting. Note that volatility may pick up as the unlock approaches.
DYOR