$ZHONGJIU surged from around 86 to 94.4 during the morning session, with RSI briefly hitting 91.7 and volume nearly 9 times that of the previous 12 hours. The issue is that positions continued piling up as it topped out: OI was up about 30% over 48 hours, and funding rates were also bullish. This combination of a volume spike and rising positions looks more like a short squeeze followed by distribution than an acceleration of the trend.
It is now moving down along descending resistance, with the current price around 89.5. If it breaks lower, watch MA20 at around 88.1 first; further weakness could lead to a retest of rising support around 86. A bullish reversal would require it to reclaim 94.4.
Not investment advice. $ZHONGJIU #币安广场 #MarketAnalysis
It is now moving down along descending resistance, with the current price around 89.5. If it breaks lower, watch MA20 at around 88.1 first; further weakness could lead to a retest of rising support around 86. A bullish reversal would require it to reclaim 94.4.
Not investment advice. $ZHONGJIU #币安广场 #MarketAnalysis
