This short-covering just now can be seen as exposing all the previous fake “strength.” $OPN In the early stage, it kept wobbling around at high levels—many people thought that if it didn’t drop, it was strong. I, however, think the more it drags and chops, the more dangerous it becomes, because a truly strong order book wouldn’t keep failing to push higher, and it wouldn’t be that every time it pumps, nobody steps in to buy.

What I’m focusing on is the suppression reaction around OPN after it reaches about 0.1710. The price has tried to probe higher several times, but all attempts failed; meanwhile, the pullback speed has been getting faster and faster. This level is crucial. Once buy-side demand continues to thin out, downside room is easier to open up—counter-expectation selloffs often start from these kinds of details.

Now the price is at 0.0622, and the short position’s profit is already +3066.9%. With the volatility range opened up, it feels much more comfortable holding the position. If you have a position, remember to protect your profits—scaling out and taking profit in batches is fine. The remaining position can follow the protection level to take a look, and don’t let gains retrace too much.

Don’t get carried away in this market. If you got the trade, you got it—if you didn’t, don’t chase. Wait for the next opportunity.

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