$ORCA Don't rush to chase this 1.6 level, wait for a pullback!

It has risen 32%, are you entering now? The big players are waiting to harvest those chasing the high.
Open interest is indeed rising, smart money +10.2% is building positions, no mistake, but look at the funding rate -0.24%, shorts are paying money, which indicates the big players are squeezing the shorts, not pulling retail traders in.
Longs account for 54.8% dominance, retail traders have all rushed in, at this point the big players like to do a pullback to shake out the weak hands.
My view is to wait for a pullback to around 1.43 before entering, that level is safer, chasing high now is just giving money to the big players.
If you must enter, try a small position, set a stop loss at 1.31, target first at 2.02, take half profit when reached, and see how far the rest can run.
But honestly, I wouldn’t act at this level, it’s risen too much.