$SAND —this chart looks more and more off to me.
Current price: 0.06642, down 14.6% in a day, but up 48.8% over the week.
RP61—the price is already quite high.
Open interest is down 35% over 24 hours, the large-trader long/short ratio has reached 1.36, and the funding rate is -0.0448%.
Everyone's happy when the price is rising, and nobody looks at how crowded positions have become.
With large traders this heavily long, everyone underneath is a late buyer.
I wouldn't chase longs here.
If I do anything, I'll wait for a break below 0.065224 before considering a short.
If it doesn't break, I'll leave it alone for now. No point fighting the sentiment.
Are you still looking to buy, or do you also think it's getting crowded?
Let me know in the comments.
$BTC
Current price: 0.06642, down 14.6% in a day, but up 48.8% over the week.
RP61—the price is already quite high.
Open interest is down 35% over 24 hours, the large-trader long/short ratio has reached 1.36, and the funding rate is -0.0448%.
Everyone's happy when the price is rising, and nobody looks at how crowded positions have become.
With large traders this heavily long, everyone underneath is a late buyer.
I wouldn't chase longs here.
If I do anything, I'll wait for a break below 0.065224 before considering a short.
If it doesn't break, I'll leave it alone for now. No point fighting the sentiment.
Are you still looking to buy, or do you also think it's getting crowded?
Let me know in the comments.
$BTC