$PROVE This washout was pretty intense.
Price dropped from 0.27 all the way down to 0.244, flushing out most of the panic sellers, and then the last candlestick just swallowed back a good chunk of the loss, a classic "trap for shorts and buyback" move.
The key is that the moving average structure is still intact, with the price comfortably sitting above the 10-day and 50-day lines, and the MACD is still in positive territory.
The MFI shows that funds are still flowing in, but we're nowhere near overheating, while the trading volume has shrunk to a low level, indicating that the selling pressure is fading.
Now the ATR volatility is starting to expand, meaning a direction choice is close.
If the whales really wanted to offload, they wouldn't have pushed it back up to around 0.251.
Currently, the downside seems limited, and if we break through the 200-day line with volume, we could easily enter an acceleration phase.
#PROVE #BTC
Price dropped from 0.27 all the way down to 0.244, flushing out most of the panic sellers, and then the last candlestick just swallowed back a good chunk of the loss, a classic "trap for shorts and buyback" move.
The key is that the moving average structure is still intact, with the price comfortably sitting above the 10-day and 50-day lines, and the MACD is still in positive territory.
The MFI shows that funds are still flowing in, but we're nowhere near overheating, while the trading volume has shrunk to a low level, indicating that the selling pressure is fading.
Now the ATR volatility is starting to expand, meaning a direction choice is close.
If the whales really wanted to offload, they wouldn't have pushed it back up to around 0.251.
Currently, the downside seems limited, and if we break through the 200-day line with volume, we could easily enter an acceleration phase.
#PROVE #BTC