I’ve been watching the market all afternoon. The volume ratio is 5.02, which doesn’t look like shakeout trading.
The trading value over the past hour was 20.165 million, so that volume is definitely real. $MVLL 24h is already down 11.69%, and the rebound hasn’t even managed to make a decent high.
If you’re watching this level too, 12.96—the high of the previous bearish candle—is where you should place the stop-loss for a short position. It fell from 14.16 to 12.16 with almost no buying support along the way, so I’d stick with the bearish view for now.
The trading value over the past hour was 20.165 million, so that volume is definitely real. $MVLL 24h is already down 11.69%, and the rebound hasn’t even managed to make a decent high.
If you’re watching this level too, 12.96—the high of the previous bearish candle—is where you should place the stop-loss for a short position. It fell from 14.16 to 12.16 with almost no buying support along the way, so I’d stick with the bearish view for now.