Today I choose to short SAND. During the rebound this evening, I’m not buying it.
Binance’s two hourly candles for 18:00–19:00 and 19:00–20:00 have already closed today at 0.07192 and 0.07310, both below yesterday’s high of 0.07350. After breaking upward in the morning, it fell back again tonight. I judge that the upward push force for the short term is weakening.
More importantly, during the drop from 18:00–19:00, the trading volume was about 4.03 million USDT. In the next hour, the rebound’s volume was only 1.67 million—less than half. The rebound hasn’t seen increased trading activity, so I’m more inclined to think this pullback will continue, and will retest the low at 0.07080.
Coinone revoked its trading warning and resumed deposits/withdrawals on October 2. This bullish news hasn’t disappeared; a sudden spike upward may still happen. So yes, short it—but if you encounter the rebound high from the most recent hour, admit you’re wrong, and don’t move the stop-loss further and further away.
As of 20:07 Beijing time on October 3 for Binance SAND/USDT spot: reference price 0.07333, take-profit 0.07080, stop-loss 0.07433, unit USDT.
— Lin Yi Free Community · Research Notes
Binance’s two hourly candles for 18:00–19:00 and 19:00–20:00 have already closed today at 0.07192 and 0.07310, both below yesterday’s high of 0.07350. After breaking upward in the morning, it fell back again tonight. I judge that the upward push force for the short term is weakening.
More importantly, during the drop from 18:00–19:00, the trading volume was about 4.03 million USDT. In the next hour, the rebound’s volume was only 1.67 million—less than half. The rebound hasn’t seen increased trading activity, so I’m more inclined to think this pullback will continue, and will retest the low at 0.07080.
Coinone revoked its trading warning and resumed deposits/withdrawals on October 2. This bullish news hasn’t disappeared; a sudden spike upward may still happen. So yes, short it—but if you encounter the rebound high from the most recent hour, admit you’re wrong, and don’t move the stop-loss further and further away.
As of 20:07 Beijing time on October 3 for Binance SAND/USDT spot: reference price 0.07333, take-profit 0.07080, stop-loss 0.07433, unit USDT.
— Lin Yi Free Community · Research Notes