$BTW
Down about 28.1% in a day. Funding is around −0.47%, so shorts are still paying, while notional open interest has been cut by about 38%—don’t try to catch the falling knife just yet.
The current price is around 1.618, and it has yet to hold above the 24-hour low of 1.610. An extreme funding rate doesn’t mean an immediate rebound is coming.
Bias: Bearish. Look for shorts on a rebound; don’t enter at the current price.
Aggressive: Lightly short near 1.70 on a rebound, with a stop at 1.85 (about −8.8%); first target: 1.55.
Conservative: Wait for a break below 1.60 before entering short, with a stop if it moves back above 1.70 (about −6%); target around 1.50.
Will 1.55 break first, or will price reach 1.75 first?
Disclaimer: This analysis is for reference only and does not constitute investment advice!
#BTW #Funding Rate
Down about 28.1% in a day. Funding is around −0.47%, so shorts are still paying, while notional open interest has been cut by about 38%—don’t try to catch the falling knife just yet.
The current price is around 1.618, and it has yet to hold above the 24-hour low of 1.610. An extreme funding rate doesn’t mean an immediate rebound is coming.
Bias: Bearish. Look for shorts on a rebound; don’t enter at the current price.
Aggressive: Lightly short near 1.70 on a rebound, with a stop at 1.85 (about −8.8%); first target: 1.55.
Conservative: Wait for a break below 1.60 before entering short, with a stop if it moves back above 1.70 (about −6%); target around 1.50.
Will 1.55 break first, or will price reach 1.75 first?
Disclaimer: This analysis is for reference only and does not constitute investment advice!
#BTW #Funding Rate