Yesterday afternoon, a little after 2 p.m., when $INIT was trading 95.56 million U in an hour and turned around just one step short of its previous high, I went short around 0.240. It’s now around 0.13, down more than 40%. The two targets at 0.220 and 0.1832 were passed long ago, and it hit a low of 0.1096 today.
Looking back, my reasoning at the time came down to three points: huge volume on the spike that couldn’t hold, open interest surging, and the funding rate deeply negative at -1.67% while the price was still being pushed down. That suggested the big players were distributing, not accumulating.
Today’s midday bounce was a good example: the hourly candle at 12 p.m. had 33.57 million U in volume and climbed as high as 0.1466, but the number of open contracts fell from 81.41 million at 11 a.m. to 74.74 million at 1 p.m. That was shorts taking profit and closing positions, not new longs entering, which is why the price was pushed right back to 0.13. The funding rate is still settling at around -0.08% per hour, and even with shorts paying, no one seems willing to close out completely.
My stance hasn’t changed: I’m still bearish. 0.1466 is resistance; if the price moves above it, I’m out. If it breaks below today’s low of 0.1096, that’ll be a new low.
Those of you holding INIT, are you waiting for a bounce to break even, or have you already cut your losses? Share your entry price.
#INIT #复盘 #Altcoin
Looking back, my reasoning at the time came down to three points: huge volume on the spike that couldn’t hold, open interest surging, and the funding rate deeply negative at -1.67% while the price was still being pushed down. That suggested the big players were distributing, not accumulating.
Today’s midday bounce was a good example: the hourly candle at 12 p.m. had 33.57 million U in volume and climbed as high as 0.1466, but the number of open contracts fell from 81.41 million at 11 a.m. to 74.74 million at 1 p.m. That was shorts taking profit and closing positions, not new longs entering, which is why the price was pushed right back to 0.13. The funding rate is still settling at around -0.08% per hour, and even with shorts paying, no one seems willing to close out completely.
My stance hasn’t changed: I’m still bearish. 0.1466 is resistance; if the price moves above it, I’m out. If it breaks below today’s low of 0.1096, that’ll be a new low.
Those of you holding INIT, are you waiting for a bounce to break even, or have you already cut your losses? Share your entry price.
#INIT #复盘 #Altcoin
