⚡ $INIT 1H: blow-off wick, NO TRADE for now
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📈 Context: INIT went from a ~0.12 base (Nov 8) to a 0.395 wick at 08:00 Riyadh today. That same hour closed at 0.289, and price now trades 0.240 (+7.5% 24h, 42M USDT volume). Spot 1H ATR is about 0.039, roughly 16% of price.
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🧱 Levels:
Resistance: 0.290-0.300 pivot, then 0.322-0.332, wick top 0.395.
Support: 0.231-0.233 (two lows today), then 0.191-0.194.
Trend: still above 1H EMA50 (0.225) and EMA200 (0.172).
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🚫 Why no trade: a 38% drop from the high inside two hours is a distribution warning. With ATR this large, a stop below 0.231 support sits about 0.22, and a chase entry has no clean invalidation.
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👀 What would change it: a 1H close back above 0.300 (bulls reclaim the pivot), or a 1H close below 0.231 (opens 0.191-0.194).
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Not financial advice. DYOR.
#INIT #Altcoins #TechnicalAnalysis #BinanceSquare
⠀
📈 Context: INIT went from a ~0.12 base (Nov 8) to a 0.395 wick at 08:00 Riyadh today. That same hour closed at 0.289, and price now trades 0.240 (+7.5% 24h, 42M USDT volume). Spot 1H ATR is about 0.039, roughly 16% of price.
⠀
🧱 Levels:
Resistance: 0.290-0.300 pivot, then 0.322-0.332, wick top 0.395.
Support: 0.231-0.233 (two lows today), then 0.191-0.194.
Trend: still above 1H EMA50 (0.225) and EMA200 (0.172).
⠀
🚫 Why no trade: a 38% drop from the high inside two hours is a distribution warning. With ATR this large, a stop below 0.231 support sits about 0.22, and a chase entry has no clean invalidation.
⠀
👀 What would change it: a 1H close back above 0.300 (bulls reclaim the pivot), or a 1H close below 0.231 (opens 0.191-0.194).
⠀
Not financial advice. DYOR.
#INIT #Altcoins #TechnicalAnalysis #BinanceSquare
