Take a look at $ENA : the shorts have definitely made a killing, but chasing shorts at this point is just asking to get rekt.
Look at the data: the long/short ratio is only 19.55%! 779 shorts are crushing 174 longs. The shorts' average entry is 0.18, and they're comfortably up 4.5 million U; the longs are down over 1 million and are all stubbornly holding on.
Look at the chart: the RSI on both the 4-hour and daily timeframes has dropped into the 20s, meaning it's severely oversold. The daily chart is right around the EMA144 (0.1639). The current price is 0.157, far below the shorts' average entry. Shorting now could get you shaken out by a bounce from a shady market maker.
The safest move: short the bounce!
The broader trend is down. Wait for a rebound to 0.165–0.170 (the moving-average resistance zone) before shorting. Set your stop at 0.175 and target a break below the previous low of 0.155. $ENA
Look at the data: the long/short ratio is only 19.55%! 779 shorts are crushing 174 longs. The shorts' average entry is 0.18, and they're comfortably up 4.5 million U; the longs are down over 1 million and are all stubbornly holding on.
Look at the chart: the RSI on both the 4-hour and daily timeframes has dropped into the 20s, meaning it's severely oversold. The daily chart is right around the EMA144 (0.1639). The current price is 0.157, far below the shorts' average entry. Shorting now could get you shaken out by a bounce from a shady market maker.
The safest move: short the bounce!
The broader trend is down. Wait for a rebound to 0.165–0.170 (the moving-average resistance zone) before shorting. Set your stop at 0.175 and target a break below the previous low of 0.155. $ENA
