Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice The lower timeframe structure flipped to bearish after GMT lost $0.4 to the bears Futures market participants had bearish sentiment as well Bitcoin faced rejection at the $17.3k short-term resistance zone. It slipped below the […]
token GMT has witnessed a strong bearish trend in recent months. The next couple of days were likely to see losses too.The FOMC meetings on 13 and 14 December are expected to result in a rise of 0.5 percentage points. Pending economic data could sway things, and the announcement of a higher rate could see a bearish move across the crypto move.Highlighted in yellow, the GMT range extended from $0.345 to $0.417, The mid-range mark sat at $0.38.
Last week, GMT was unable to climb past the range highs once more. Therefore, traders were presented with a shorting opportunity. Bitcoin’s short-term weakness can send GMT lower to $0.38 as well. Can a bounce be expected at that level? The Relative Strength Index and On-Balance Volume indicated that sellers were dominant. The RSI retested neutral 50 as resistance around the same time the price tested $0.4 as resistance. Meanwhile the flat OBV showed a lack of buying pressure. Therefore, it was likely that GMT would slip beneath $0.38 and toward $0.36 and $0.345 in the coming days.After 7 November, a large chunk of OI was wiped out. This has not been regained in the month since.
On 7 and 8 December, the OI and the price rallied, and bulls held out some hope that a breakout would materialize. It did not, and the past two days saw both OI and prices slump. This indicated discouraged bulls, and could see another wave of selling soon.Subscribe to get it daily in your inbox.
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