SKHY is around 152 now; in the past 24 hours it has jumped by nearly 10 points. For the short term, it’s really strong.
The price has reclaimed the 20-day and 50-day moving averages. On the 4-hour chart, it’s been six consecutive bullish candles with no reversal—there’s nothing wrong with the momentum.
But at this position, I don’t want to chase.
The issue is leverage. In just 7 hours, the contract open interest has piled up by more than 30%. The faster it’s rising, the more you need to see who’s pushing the price. The funding rate is still negative right now, suggesting that the money chasing longs isn’t that determined. More importantly, it’s the big players: within these 7 hours, the large accounts have cut their long exposure by nearly 30%. The proportion of longs has fallen to below half—clearly moving out.
In plain terms, the market is still rising, but the “fuel” pushing it higher is receding. Spot buying walls are indeed thicker than sell walls, but I haven’t seen clear signs of large-lot capital entering.
So it’s not that the rise is weak—it’s that taking over at this level is a bit risky. I lean toward observing first, and waiting for a pullback to the two moving averages to see whether someone is willing to step in, for a more comfortable entry than chasing right now.
#skhy $SKHY
The price has reclaimed the 20-day and 50-day moving averages. On the 4-hour chart, it’s been six consecutive bullish candles with no reversal—there’s nothing wrong with the momentum.
But at this position, I don’t want to chase.
The issue is leverage. In just 7 hours, the contract open interest has piled up by more than 30%. The faster it’s rising, the more you need to see who’s pushing the price. The funding rate is still negative right now, suggesting that the money chasing longs isn’t that determined. More importantly, it’s the big players: within these 7 hours, the large accounts have cut their long exposure by nearly 30%. The proportion of longs has fallen to below half—clearly moving out.
In plain terms, the market is still rising, but the “fuel” pushing it higher is receding. Spot buying walls are indeed thicker than sell walls, but I haven’t seen clear signs of large-lot capital entering.
So it’s not that the rise is weak—it’s that taking over at this level is a bit risky. I lean toward observing first, and waiting for a pullback to the two moving averages to see whether someone is willing to step in, for a more comfortable entry than chasing right now.
#skhy $SKHY