$TAKE 1H level is currently at the healthy end of a flag formation after experiencing yesterday's epic rise. The price is strongly consolidating in the range of 0.0500-0.0550, with the 1H EMA20 (0.0510) providing dynamic support. The key point is: the price has retraced nearly 15% from the high of 0.059, but the open interest (OI) remains stable, showing no panic sell-off, which is a typical signal of major support. Coupled with a funding rate as high as 0.0895%, the short position cost is extremely high, and any upward breakout could trigger a short squeeze. The 4H level is solidly above EMA20 (0.0397), and the trend remains unchanged; the current pullback at the 1H level is an excellent second entry opportunity.
🎯Direction: Go long (Long)
🎯Entry/Limit Order: Enter directly around the current price of 0.0543, or stagger entry in the range of 0.0525-0.0530 upon a pullback (Reason: 1H EMA20 support area and the dense transaction area of the previous hour's K-line).
🛑Stop Loss: 0.0499 (Reason: Firmly breaking below the key pullback low point of 0.0500 after yesterday's rally, which is also the neckline of the 4H breakout structure).
🚀Target 1: 0.0590 (Reason: Testing yesterday's high resistance, which is also the 1.272 Fibonacci extension level).
🚀Target 2: 0.0650 (Reason: 1.618 Fibonacci extension level, corresponding to the earlier daily level vacuum area).
🛡️Trade Management:
- Position Suggestion: Standard position (Reason: 1H and 4H trend resonance, and market buying depth is acceptable, bid_ask_ratio is 0.86, imbalance is not severe).
- Strategy Execution: After the price reaches Target 1, reduce position by 50%, and move the stop loss of the remaining position to the entry price (break-even point). If the price strongly breaks through 0.0590 and stabilizes, the stop loss for the remaining position can be moved up to hold for Target 2.
Deep Logic: Market logic indicates 'price is rising, please assess based on open interest', while current OI is stable, and price rejects deep corrections, strongly suggesting that it's the main force entering rather than mere short squeezing. 1H RSI (60.54) has turned upwards again after correcting from the overbought zone, with momentum re-accumulating. Market data shows heavy selling pressure accumulating above 0.0543-0.0544, and once swallowed by buying pressure, it will open up rapid upward space. The core of the current strategy is to speculate on the main force's secondary rally and short squeeze after completing the washout.
Trade here 👇$BTC
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