$NOT 😮💨 Bullish But ….
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- There was a slightly bullish outlook on NOT yesterday, but a bearish breakout occurred.
- Bitcoin turned bearish around 3:30 pm yesterday, causing the entire market to follow suit.
- NOT is now technically very bearish, although it's not yet time to short it.
♦️ Technical Analysis:
- NOT needs momentum to turn bullish, but it currently lacks this momentum.
- Open interest in NOT hasn't increased since June 18th, which is a bearish signal.
- Trading volume for NOT has decreased since last week, indicating a loss of interest and momentum.
- TON is maintaining its support relatively well, which is concerning due to its correlation with NOT.
♦️ Prediction and Trading Opportunity:
- NOT will likely encounter resistance at 1.5 and then drop to the next support level (1.2-1.25).
- There is a possibility of a significant squeeze up, breaking above 1.5, which could present a trading opportunity.
- It's important to monitor how NOT reacts to the 1.5 level, considering Bitcoin's movements and open interest, before making a trading decision.
