$MITO ⚡
$MITO hit with 4.2x sell volume spike, is this over or just starting?
- Based on the current structure, I expect further downside in the short term, possibly targeting the demand zones around 0.02479, 0.02408, and even 0.02292 as sellers try to flush out more liquidity.
- **SHORT SETUP EXAMPLE:** If price retests 0.02564–0.0260 and shows clear rejection (bearish engulfing, pin bar, or a series of lower highs on the 5m), you could consider a short entry. Target 0.02479 and 0.02408 for partial exits. Place your stop above the swing high or the last failed breakout candle.
- Confirm your entry with at least one of these: clear rejection wick, lower high formation, or strong red candle on the retest. For extra confirmation, watch for increasing sell volume or RSI/MFI failing to reclaim bullish levels.
- If price flushes into the 0.02408–0.02292 zone and forms a long wick with a reversal candle, you might look for a short-term bounce, but only with a clean reversal signal and a break back above 0.02479.
- My bias will change to bullish only if price reclaims and holds above 0.02694 with strong momentum, signaling a possible shakeout reversal.
📝 This is not investment advice, but an educational report. Always wait for confirmation and control your risk, especially in volatile, high-volume moves like these!
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