Stop-loss got hit. I just stopped out my $BTC short position at 84,500, then reversed and chased a long.
This rebound is stronger than I expected. Price pulled straight back above 86,000—up 1.76%, which isn’t small. The key is the funding rate at 0.0081%. Long sentiment is still very strong, but not to the point of being crazy.
Resistance above is 86,800–87,000—today’s high range. If it breaks out, we could look at 88,000–88,500. Support below: first at 85,500. If that breaks, it might retrace to 84,500 and even 84,000.
My stop-loss after chasing in is set at 85,500. The short-term idea is: if it breaks back below 84,500 again, then I’m out and won’t play it anymore. Contract open interest increased by only 0.71%, and the incremental capital isn’t much. We’ll need to observe whether this spike is mainly driven by spot activity or just a larger “position battle” with existing liquidity.
Those high funding-rate coins—PUMPBTC, EWZ—have their funding rates all jumped to over 0.6%. The market’s FOMO sentiment is obvious. In situations like this, it often becomes easy to see a reversal move.
Do you think 87,000 can break through? Or is this rebound just a trap to lure longs?
#Write2Earn #Crypto
⚠️ Personal opinion only; not investment advice.
This rebound is stronger than I expected. Price pulled straight back above 86,000—up 1.76%, which isn’t small. The key is the funding rate at 0.0081%. Long sentiment is still very strong, but not to the point of being crazy.
Resistance above is 86,800–87,000—today’s high range. If it breaks out, we could look at 88,000–88,500. Support below: first at 85,500. If that breaks, it might retrace to 84,500 and even 84,000.
My stop-loss after chasing in is set at 85,500. The short-term idea is: if it breaks back below 84,500 again, then I’m out and won’t play it anymore. Contract open interest increased by only 0.71%, and the incremental capital isn’t much. We’ll need to observe whether this spike is mainly driven by spot activity or just a larger “position battle” with existing liquidity.
Those high funding-rate coins—PUMPBTC, EWZ—have their funding rates all jumped to over 0.6%. The market’s FOMO sentiment is obvious. In situations like this, it often becomes easy to see a reversal move.
Do you think 87,000 can break through? Or is this rebound just a trap to lure longs?
#Write2Earn #Crypto
⚠️ Personal opinion only; not investment advice.