BONK — Bearish (Requested Chart)
Big Picture:
BONK is still in an active distribution phase. Selling pressure has been present for a while, and at current prices I don’t see signs of buyers stepping in. There’s nothing here that makes me want to be long right now.
What I’m Watching:
If price moves higher from here, I’m not looking to buy the move. I’m watching higher prices as potential sell areas.
- Supply zone: 0.00000947 – 0.00001340
- Point of Control (POC): ~0.00001240
That POC is where most of the past trading volume took place. With price now trading below it, this area lines up well with supply and adds more weight to the idea that rallies could run into sellers again.
My Approach:
- No interest in longs at current prices
- If price revisits the supply and POC area, I’d personally look to sell into strength
- If price doesn’t retrace, I’m fine doing nothing
Bottom Line:
Right now, I don’t see buyers, and I don’t see a reason to be bullish. Until that changes, I see more risk buying than selling. For me, this is about staying patient and reacting if price comes back into areas where sellers previously showed control.
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BONK — Bearish (Requested Chart)
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