【RSR 1H】After the Korean exchange listing catalyst was priced in, shorts are piling on even harder
Everyone thought $RSR listing on Upbit meant the price would top out and pull back, but shorts in the futures market are paying a steep price: Binance’s funding rate at 11:10 was -1.231%, the second-lowest across the market.
Current situation: According to TokenPost, Upbit opened RSR/KRW and RSR/USDT trading on October 12. The price surged 66% in the 15 minutes after the news. Binance spot was at 0.002033 at 11:10, still up about 22% over 24 hours.
Three pieces of evidence:
① The 1H chart is ranging, with resistance at 0.002062–0.002122, which coincides with Fib 0.618.
② Trading volume over the last 10 candles is only 0.47 times the previous average, showing volume tapering off after the spike.
③ Shorts keep paying funding; if the price rebounds, they could easily be forced to cover.
My view: I wouldn’t chase the price, nor would I force a short position while funding is negative.
Plan 1 (primary): Consider placing a small long order near a pullback to 0.00166, with a stop-loss at 0.00148 and a first target of 0.00206.
Plan 2 (backup): Consider following the move only after a high-volume break above the 0.00222 resistance trendline, with a stop-loss at 0.00206 and a target of 0.00243.
Invalidation condition: If the 1H candle closes below 0.00148, it means the rally on the positive news is over; admit the mistake and exit.
Before funding turns positive, do you think shorts will capitulate first?
Sources: TokenPost, Binance
$RSR #币安合约 #TechnicalAnalysis
#BinanceSquare
⚠️ The above is a compilation of information and personal opinion, and does not constitute investment advice. DYOR.
Everyone thought $RSR listing on Upbit meant the price would top out and pull back, but shorts in the futures market are paying a steep price: Binance’s funding rate at 11:10 was -1.231%, the second-lowest across the market.
Current situation: According to TokenPost, Upbit opened RSR/KRW and RSR/USDT trading on October 12. The price surged 66% in the 15 minutes after the news. Binance spot was at 0.002033 at 11:10, still up about 22% over 24 hours.
Three pieces of evidence:
① The 1H chart is ranging, with resistance at 0.002062–0.002122, which coincides with Fib 0.618.
② Trading volume over the last 10 candles is only 0.47 times the previous average, showing volume tapering off after the spike.
③ Shorts keep paying funding; if the price rebounds, they could easily be forced to cover.
My view: I wouldn’t chase the price, nor would I force a short position while funding is negative.
Plan 1 (primary): Consider placing a small long order near a pullback to 0.00166, with a stop-loss at 0.00148 and a first target of 0.00206.
Plan 2 (backup): Consider following the move only after a high-volume break above the 0.00222 resistance trendline, with a stop-loss at 0.00206 and a target of 0.00243.
Invalidation condition: If the 1H candle closes below 0.00148, it means the rally on the positive news is over; admit the mistake and exit.
Before funding turns positive, do you think shorts will capitulate first?
Sources: TokenPost, Binance
$RSR #币安合约 #TechnicalAnalysis
#BinanceSquare
⚠️ The above is a compilation of information and personal opinion, and does not constitute investment advice. DYOR.