Take a look at this chart, $GTC . The daily and 4-hour charts are both firmly bearish, with price dropping without putting up any resistance.
Looking at the chart, RSI has already fallen into the 20s, which is extremely oversold. The data also shows the funding rate plunging to -0.09%, meaning shorts are extremely crowded. A short squeeze bounce could happen at any time. But I don’t like trying to pick bottoms. The trend is down, so I’m going with it and shorting.
My aggressive approach: enter a short directly around the current price of 0.1815.
I’m not waiting for a rebound. The bearish trend is so strong that I’m getting in now. I’ll set my stop above 0.195 (the daily moving-average resistance zone). The targets are simple: first, the previous low at 0.173; if that breaks, I’m looking at 0.15.
Shorting here does risk getting stopped out by a rebound, and the risk-reward ratio isn’t ideal. But I’d rather take a shot in the direction of the broader trend than try to catch a falling knife by going long. $GTC
Looking at the chart, RSI has already fallen into the 20s, which is extremely oversold. The data also shows the funding rate plunging to -0.09%, meaning shorts are extremely crowded. A short squeeze bounce could happen at any time. But I don’t like trying to pick bottoms. The trend is down, so I’m going with it and shorting.
My aggressive approach: enter a short directly around the current price of 0.1815.
I’m not waiting for a rebound. The bearish trend is so strong that I’m getting in now. I’ll set my stop above 0.195 (the daily moving-average resistance zone). The targets are simple: first, the previous low at 0.173; if that breaks, I’m looking at 0.15.
Shorting here does risk getting stopped out by a rebound, and the risk-reward ratio isn’t ideal. But I’d rather take a shot in the direction of the broader trend than try to catch a falling knife by going long. $GTC
