Is this move in $SHELL a genuine breakout or a fake rally? 🤔
First, a question: After a 24-hour gain of +59.05%, with the current price at 0.0309 USDT, do you think people who chased the rally are feeling nervous now? My take is that these figures are pretty typical: a high of 0.0516 and a low of 0.0194 mean a huge intraday range. The current price of 0.0309 is still some way off the high, which suggests it has pulled back considerably after the surge. Volume of 37.3M also shows that disagreement is growing. The US market is about to open tonight, so volatility may increase further. The key level to watch is around 0.0309—if it can’t hold, this looks more like short-term profit-taking after a sentiment-driven spike than a clean breakout. $SHELL $BTC I’d pay more attention to whether buyers step in after a pullback, rather than getting caught up in the excitement near the highs. ⚡ What do you think? Let’s chat in the comments.
First, a question: After a 24-hour gain of +59.05%, with the current price at 0.0309 USDT, do you think people who chased the rally are feeling nervous now? My take is that these figures are pretty typical: a high of 0.0516 and a low of 0.0194 mean a huge intraday range. The current price of 0.0309 is still some way off the high, which suggests it has pulled back considerably after the surge. Volume of 37.3M also shows that disagreement is growing. The US market is about to open tonight, so volatility may increase further. The key level to watch is around 0.0309—if it can’t hold, this looks more like short-term profit-taking after a sentiment-driven spike than a clean breakout. $SHELL $BTC I’d pay more attention to whether buyers step in after a pullback, rather than getting caught up in the excitement near the highs. ⚡ What do you think? Let’s chat in the comments.