- Tellor merchants may see a bounce to $150 or $180.
- The market construction was bearish on the H12 chart.
Tellor [TRB] rose to $629 on thirty first December and dipped to $121 simply eight hours later. In line with Coinglass knowledge for that day, the TRB contract noticed the best quantity of contracts worn out. Its momentum has been bearish since then.
AMBCrypto reported that the Tellor staff deposited TRB shortly earlier than the costs soared. This meant that the staff was probably concerned in dumping the tokens. How do merchants navigate these perilous waters?
Each lengthy and brief positions may assume giant quantities of threat getting into into positions right here
Supply: TRB/USDT on TradingView
On the time of writing, TRB was buying and selling at $134. To the north, the $143.9 and $185 have been excessive timeframe ranges of resistance. Specifically, the $185 zone offered a big impediment to TRB bulls within the latter half of December.
Technical evaluation of the decrease timeframe value charts confirmed that the $150-$155 zone rebuffed the bulls on fifth January. Therefore, it’s potential that brief sellers may wait for one more bounce to this space earlier than shorting.
Alternatively, they’ll look ahead to a transfer to the $177-$190 area (pink field) earlier than promoting. This may be a better chance commerce given the significance of the $180 area previously. But, such a bounce may not materialize.
The RSI was under impartial 50 to spotlight the agency bearish momentum. The OBV additionally took an enormous dive decrease, and shopping for stress has been minimal. The Open Curiosity behind TRB contracts dived on 6 January, reflecting the fearful sentiment.
The liquidation heatmap agreed with the technical evaluation
Supply: Hyblock
AMBCrypto famous that the Hyblock liquidation heatmap of TRB confirmed a noticeable pocket of liquidations at $195 and $235. The $150 space didn’t have a sizeable quantity of estimated liquidation ranges.
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Since liquidity attracts costs, we may see a bounce towards $200. The significance of the $180 space has already been highlighted.
The confluence from the heatmaps meant swing merchants may look ahead to a transfer to the $180-$200 space. They will gauge the decrease timeframes for a spike in promoting stress and enter brief positions if warranted.
Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.