Therefore, it is a good risk-to-reward trade to short the token near the range highs as the invalidation and take-profit levels can be clearly defined and have been respected for the past month.Source:The increase in OI since 15 July has amounted to $5 million. It has slowly moved higher alongside the price, but its magnitude wasn’t large enough to support the idea of bullish sentiment. Rather it was likely that speculators were sidelined, with a few of them bullish rather than the majority.
This was in line with the findings from the price action. But whether the action will result in a breakout past $8 was unclear. The continuation of the range was the most likely outcome in the coming days.
Source: News Formal (newsformal.com)
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