$XRP 1.51u: The Long ship is crammed right up against the resistance, with the Short side preparing to be cooked or MM to reverse and turn?
Derivatives data:
• Top Trader L/S: 2.07 (over 67% are holding Long), small players also pushing 69% Long.
• OI: Stubbornly pinned at around 480M USDT near resistance 1.52 - 1.53u.
• Funding rate: 0.01%, the holding cost for Long positions starts getting expensive.
Scenario: Everyone crowds into Long right at resistance is a clear red flag. MM is very likely to sweep the wicks around 1.48u, wiping out leverage before making the turn. This leg isn’t about breaking the ship through resistance—it's about catching the drop at support.
Which side do you choose, guys:
1. Chase Long and break out above 1.53u?
2. Place an order at 1.48u, waiting to pick up the slippers?
$XRP $BTC #Crypto #BinanceSquare #Trading
Derivatives data:
• Top Trader L/S: 2.07 (over 67% are holding Long), small players also pushing 69% Long.
• OI: Stubbornly pinned at around 480M USDT near resistance 1.52 - 1.53u.
• Funding rate: 0.01%, the holding cost for Long positions starts getting expensive.
Scenario: Everyone crowds into Long right at resistance is a clear red flag. MM is very likely to sweep the wicks around 1.48u, wiping out leverage before making the turn. This leg isn’t about breaking the ship through resistance—it's about catching the drop at support.
Which side do you choose, guys:
1. Chase Long and break out above 1.53u?
2. Place an order at 1.48u, waiting to pick up the slippers?
$XRP $BTC #Crypto #BinanceSquare #Trading