🚨 $4 got a strong bullish vibe overall, but those overbought signals are flashing, so watch out for a potential dip. For trading on 1-hour timeframe, I'm leaning cautiously bearish, gearing up for a quick correction.
On volume, the last hour's candles are telling: volume's dropping off during the rally (latest at just 5.89M compared to over 400M before), which feels like fewer folks jumping in at these highs – kinda like a bearish divergence sneaking in.
Capital flows? Futures contracts are still seeing positive inflows on shorter timeframes (1.55M in 1H, 2.92M in 4H), keeping the short-term bull case alive. But spot side's different – outflows there (-1.47M in 2H, -3.95M in 4H), probably some profit-taking as it hits peaks.
For entries shorts $4 : Think about shorts around resistance at 0.0330-0.0335, but only if you spot solid reversal signs like an evening star or bearish engulfing. Or flip it – hold off for a pullback to support levels before going long.
Stops: I'd place around 0.0342-0.0348
Targets $4 : Aim for the middle Bollinger band at 0.02673 or support level at 0.02743.