Be Careful with #NOT
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- I was previously bearish on NOT Coin but am now more bullish due to positive news on inflation rates and CPI.
- NOT Coin broke out above $0.0175 and $0.017 with momentum, but I did not buy due to concerns about a potential divergence.
šŖ· Concerns about the Breakout:
- I suspect a coordinated move by institutions or whales, which could lead to price manipulation and a sell-off.
- The breakout may be a fakeout, with institutions buying at $0.017 and selling at a profit, leading to a bearish breakout.
šŖ· Divergence and Momentum:
- I note a minor divergence between price and momentum, with momentum being lower than price at the same levels.
- This divergence, combined with the suspicious breakout, makes me bearish.
šŖ· Market Structure and Consolidation:
- I believe the market is currently consolidating between $0.0195 and $0.017.
- Technically, the market structure is neutral, but I expect a bearish breakout and a continuation down to $0.015 and $0.0145.
šŖ· Conditions for a Bullish Breakout:
- If Bitcoin turns more bullish and momentum increases, a bullish breakout is possible.
- I will reassess my bearish stance if I see confirmation of an uptrend in momentum.
