$INIT +77% in 24h. Is it just me or does this look like exhaustion at the top? 👇
A 98% surge in 2 days put it up 77% on the day, so I took a closer look at the structure.
The break above 0.223 was tiny (3.9%) and INIT got rejected from 0.23165 straight away. That's not strength, that's buyers running out of steam.
My eyes are on 0.19603, the low of the earlier $INIT pullback. A lot of stops are sitting there and price hasn't tested it yet. Above 0.23165 I'm out of this idea.
📌 My INIT trade: short from 0.224, stop at 0.23799, target 0.19603 (+12.5%, 1:2)
📊 24h Vol: $452M | 24h Chg: +76.5% | Funding: -0.8368%
Am I wrong? Tell me why below 👇
Follow for daily chart breakdowns 🔔
Just my view, not financial advice.
#INIT #Crypto #Trading
A 98% surge in 2 days put it up 77% on the day, so I took a closer look at the structure.
The break above 0.223 was tiny (3.9%) and INIT got rejected from 0.23165 straight away. That's not strength, that's buyers running out of steam.
My eyes are on 0.19603, the low of the earlier $INIT pullback. A lot of stops are sitting there and price hasn't tested it yet. Above 0.23165 I'm out of this idea.
📌 My INIT trade: short from 0.224, stop at 0.23799, target 0.19603 (+12.5%, 1:2)
📊 24h Vol: $452M | 24h Chg: +76.5% | Funding: -0.8368%
Am I wrong? Tell me why below 👇
Follow for daily chart breakdowns 🔔
Just my view, not financial advice.
#INIT #Crypto #Trading
