WIF and BONK had a bearish bias in the short-term and could see more losses, but BONK has more chances of a quick recovery.
The one-day chart reflected a bullish structure, but prices were hovering above the 78.6% Fibonacci retracement level.swing low
To the north, the $0.0000372-$0.0000388 area was another significant pocket. In between, the liquidation levels were relatively sparse, meaning prices could traverse between these regions quickly.The 4-hour chart has a bearish market structure. The swing low at $2.04 set on the 16th of March was breached on the 20th.
WIF needs to climb back above $3.3 to flip the 4-hour timeframe structure bullishly. The evidence of the past ten days showed that bulls lacked the strength to force thisThe Open Interest chart fell lower over the past week alongside prices. This reflected bearish sentiment and speculators choosing to remain sidelined. Short selling has not ramped up yet.Surprisingly, the spot CVD has been flat in the past four days. This was an encouraging sign for WIF bulls in the short term.
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