TRIX Indicator showing a strong steep dive down still, and this is a strong momentum indicator, which I find better than MACD on the daily.
we haven't even started the retrace as it hasn't posted a single + positive value, and the down trend changes are greater than 30 points each day - which is significant.
Moreover, the MDR (Market Depth Ratio) has not hit +80% even once, and that is the level we saw each time a large push for Chiliz happened in the past month. It spiked to +80% every single time which indicated intense buying pressure. Right now the bears are in control, but it is definitely accumulating as there is definitely more buying than selling. But there just isn't enough buying. Both are coming to a standstill - this will take very long to play out in other words.
The volume is increasing but price is decreasing, and open interest is very high which equals STRONG BEARISH DOWNTREND. You can take a look at all open interest, volume, and price yourself on coinmarketflow.
I expect it to break $0.40 downwards for sure. Even if it doesn't and holds $0.40, it is not a time to trade because for the bullish trend to start it must break $0.56.
You can accumulate it if you wish, but word of warning.
we haven't even started the retrace as it hasn't posted a single + positive value, and the down trend changes are greater than 30 points each day - which is significant.
Moreover, the MDR (Market Depth Ratio) has not hit +80% even once, and that is the level we saw each time a large push for Chiliz happened in the past month. It spiked to +80% every single time which indicated intense buying pressure. Right now the bears are in control, but it is definitely accumulating as there is definitely more buying than selling. But there just isn't enough buying. Both are coming to a standstill - this will take very long to play out in other words.
The volume is increasing but price is decreasing, and open interest is very high which equals STRONG BEARISH DOWNTREND. You can take a look at all open interest, volume, and price yourself on coinmarketflow.
I expect it to break $0.40 downwards for sure. Even if it doesn't and holds $0.40, it is not a time to trade because for the bullish trend to start it must break $0.56.
You can accumulate it if you wish, but word of warning.
Comment:
following the trix uptrend, on the path to recovery.
