$RLC My view is bearish, with short positions gradually building up.
OI is already getting a bit crowded and is still rising. This doesn’t look like a fresh breakout just getting started.
1-hour OI is up 27.1%, while price is down 1.9%. Volume is 18.4 times the average, and the funding rate is -1.45%—an unusual reading.
My entry is 0.4657, with a first target of 0.4436, a second target of 0.4288, and invalidation at 0.4878. If price moves above that level, the bearish thesis no longer holds.
One more thing: OI is thin nearby.
OI is already getting a bit crowded and is still rising. This doesn’t look like a fresh breakout just getting started.
1-hour OI is up 27.1%, while price is down 1.9%. Volume is 18.4 times the average, and the funding rate is -1.45%—an unusual reading.
My entry is 0.4657, with a first target of 0.4436, a second target of 0.4288, and invalidation at 0.4878. If price moves above that level, the bearish thesis no longer holds.
One more thing: OI is thin nearby.
