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【$BIO Signal】Going short at high levels, momentum of the game is weakening
$BIO After a massive surge on the 1H timeframe, the price consolidates at high levels, RSI skyrocketed to 73.33, buying momentum temporarily exhausted. After a bullish crossover on the 4H MACD, the histogram continues to expand, the upper band of the Bollinger Bands was directly broken through, but market depth shows sell orders are nearly 10% thicker than buy orders, indicating selling pressure is starting to accumulate above.
The price directly shorted around 0.03368, with support must be placed below 0.02806. The first target is 0.03256, the second target is 0.03406.
This rapid surge followed by sideways consolidation at high levels, combined with a negative Funding Rate and stable Open Interest, looks more like profit-taking by bulls rather than new funds entering. The 1-hour trading volume quickly shrank after the spike, and subsequent buy-in is weak. The risk-reward ratio is worth a shot here, but stop-loss must be set properly to prevent a short squeeze.
Check real-time quotes 👇 $BIO
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