Looking at the current VIB chart, I see a scenario not for the faint-hearted. With a drop of over 63% in the last 24 hours, this is a massive sell-off that's completely shattered the market structure.
Trend assessment:
On both the 15m and 1h timeframes, the current price of 0.0022$ is well below the MA20 and EMA9 lines. Specifically, on the 1h chart, the MA20 is at 0.0090$ and the EMA9 is at 0.0060$, indicating an extremely bearish trend. The gap between the current price and the moving averages shows that selling pressure is still dominating, with no signs of balance or accumulation appearing yet.
Support and resistance:
Currently, VIB has fallen below traditional technical support zones. The range of 0.0050$ - 0.0060$ has now turned into strong resistance in the short term. Any bounce back towards this range will face significant sell pressure from those who are stuck holding higher positions. No solid support has been clearly established, so the risk of free fall still looms.
Trading plan:
For the LONG side: This is not the time to catch a falling knife. The wave structure is head-down, trying to LONG right now is like standing in front of a freight train. Wait for an accumulation pattern or a double bottom on the 1h timeframe before considering.
For the SHORT side: The opportunity for a SHORT position has passed at higher price levels. At 0.0022$, the risk of hitting a technical bounce (short squeeze) is very high. It's best to stand back and observe (wait and see) or look for a SHORT entry when the price retraces to test the EMA9 resistance (0.0060$) and fails.
In summary, the market is in a state of panic. Don't try to call the bottom when the downward momentum hasn't stopped yet.
$VIB
#VIB #crypto #trading #priceaction #ptkt
Note: This is a personal opinion, not investment advice. Please be cautious with your trades (dyor).