PIXEL has surged from 0.0059 to 0.0082 in three 4H candles. Should I chase it now?
I’m not chasing. This move broke straight through 0.0066–0.0068, a level that had been capping the price from late September through 10/4. The price is now at its highest since mid-May, and volume is several times higher than it was over the past few days. There are actually more accounts short than long, open interest is up 80%, and the funding rate is pretty flat. I think there are still short positions that will need to be covered.
I’ll wait for a pullback to 0.0069–0.0072 before entering, with a stop at 0.0065. I’ll first look for 0.0088, then 0.0092. If the 4H candle closes back below 0.0066, I’ll consider it a false breakout.
Just my personal opinion, not investment advice.
$PIXEL
I’m not chasing. This move broke straight through 0.0066–0.0068, a level that had been capping the price from late September through 10/4. The price is now at its highest since mid-May, and volume is several times higher than it was over the past few days. There are actually more accounts short than long, open interest is up 80%, and the funding rate is pretty flat. I think there are still short positions that will need to be covered.
I’ll wait for a pullback to 0.0069–0.0072 before entering, with a stop at 0.0065. I’ll first look for 0.0088, then 0.0092. If the 4H candle closes back below 0.0066, I’ll consider it a false breakout.
Just my personal opinion, not investment advice.
$PIXEL