A -59.4% candle for LSK on $55M volume.
Price wicked down to 0.351 and the bounce is sitting well below the EMA20 at 0.471. That much volume suggests conviction, and the conviction was down.
This doesn't look like dip-buying. It looks like distribution. The desk's read is that any attempt to reclaim the short-term average is just providing exit liquidity for sellers.
The bounce fails at 0.47. Who's fading us?
$LSK
New reads post through the day. Follow so you don't miss the next one.
Price wicked down to 0.351 and the bounce is sitting well below the EMA20 at 0.471. That much volume suggests conviction, and the conviction was down.
This doesn't look like dip-buying. It looks like distribution. The desk's read is that any attempt to reclaim the short-term average is just providing exit liquidity for sellers.
The bounce fails at 0.47. Who's fading us?
$LSK
New reads post through the day. Follow so you don't miss the next one.
