$MYX I am leaning towards a bearish sentiment based on what I see in the data
Don't miss this signal, the rise in open interest with the price collapse means that the "whales" are betting on further declines, and caution is required.
Proposed trading plan (Scalp Short):
Entry (Sell): $2.75 to $2.82 (upon rebound)
Take profit: $2.62, $2.55, and $2.45
Stop loss: $2.95
Risk management is essential, and do your own research (DYOR).
My simplified analysis of the situation: $MYX
I am watching the screen now and see something very important; even though the price has dropped by 30%, the open interest indicator is still rising and has reached 7.55M. In market terms, this means that new money is entering strong short positions and sellers are not done yet. The price faces strong resistance at the EMA7 average which is $2.83, and as long as we are below this number, any slight rise is just a correction to continue the decline. If we break the current bottom at $2.61, we will see a strong acceleration downwards.
$MYX
What do you think of this sharp decline, do you expect it to continue or will we see a rebound? Share your thoughts in the comments.