$ON Signal: Go long on a short-term basis — retracement support after the 1H Bollinger Bands squeeze

$ON On the 1H, the upper and lower Bollinger Bands quickly narrow to 0.1707–0.2193. After the price retraces to the EMA20, 0.198 provides support and rebounds. Since the 4H-level high at 0.237 fell, volume has been decreasing, but sell pressure has not effectively suppressed the move. RSI is 66.9 on 1H and 68.1 on 4H, both not overbought. The order book shows buy orders placed at 1.21x the sell orders, with dense limit bids around 0.211 providing a cushion. The funding rate is relatively high at 0.0738%, but it has not yet triggered a squeeze. Personally, I think the risk-reward ratio here is acceptable, and the order-following logic is clear.
🎯Direction: long
⚡Entry: 0.211182 (within the suggested range)
🛑Stop loss: 0.209385
🚀Target 1: 0.214672
🚀Target 2: 0.216259
🛡️Trade management: - Execute strategy: after reaching Target 1, reduce position by half and move the stop loss to the opening price. If price retraces back to the entry price, exit proactively.
Deeper rationale: The 1H Bollinger Bands squeeze is setting up a breakout/turning point. After the retracement to EMA20, there is a volume-backed upside move. On the 4H, although the MACD histogram contracts, the fast line remains above, and bullish momentum has not been exhausted. Stable OI indicates no large capital leaving, and the depth of pending orders suggests active support below. In a high funding-rate environment, if price can hold firm, short sellers may cover or help push for a breakout in the short term.
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