$MYX short term market update 🔴
MYX shows signs of weak momentum and profit taking pressure, with large sell orders and increasing supply on exchanges. The crypto market shows overall bearish momentum.
For a short position, the strategy relies on the current strong downtrend continuing after a brief "dead cat bounce" from the extreme oversold levels.
* Entry Point: $5.05 – $5.15
* Target 1: $4.73
* Target 2: $4.55 ).
* Stop Loss: $5.35
The chart shows a heavy "waterfall" decline with expanding red volume bars, indicating aggressive selling. While the RSI is historically low (9.08), in strong downtrends, RSI can remain oversold while price continues to "bleed" lower. Shorter-term traders should look to enter on a "relief rally" toward the yellow EMA 7 line; if the price fails to break above it, it confirms that the bears are still in full control for the next leg down.
