RAY has been pushed back every time it surged to 2.53–2.57 over the past three days,
but each pullback has stopped above 2.20.
It was still at 1.40 in mid-September, so this uptrend remains intact.
Funding rates have turned negative over the past two days, there are more short accounts than long accounts, and open interest hasn’t changed much.
I think more people are trying to short near the top, rather than longs closing their positions.
At 2.30, it’s stuck in the middle. I won’t chase it; I’ll wait for it to return to the bottom of the range before entering.
Entry: 2.20–2.24
Stop loss: 2.13
Take profit: 2.45 / 2.55
If the 4H candle closes below 2.15, the range has broken down.
Personal opinion only; not investment advice.
$RAY
but each pullback has stopped above 2.20.
It was still at 1.40 in mid-September, so this uptrend remains intact.
Funding rates have turned negative over the past two days, there are more short accounts than long accounts, and open interest hasn’t changed much.
I think more people are trying to short near the top, rather than longs closing their positions.
At 2.30, it’s stuck in the middle. I won’t chase it; I’ll wait for it to return to the bottom of the range before entering.
Entry: 2.20–2.24
Stop loss: 2.13
Take profit: 2.45 / 2.55
If the 4H candle closes below 2.15, the range has broken down.
Personal opinion only; not investment advice.
$RAY