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Everyone is shorting $RED , but I insist on going long. Tell me if this logic is correct.
Funding rate -0.1736%, what does this mean? Shorts are losing money every 8 hours, holding this rate to short, the longer it lasts, the more uncomfortable it gets. Now, shorts account for 65%, retail investors are flocking to the short side, such extreme sentiment won't be missed by the market makers.
Open interest is sideways, the price hasn't collapsed, indicating the market makers haven't run away, just grinding the market. This kind of movement, after washing out, will trigger a trend, I've seen it too many times.
I've already entered myself, stop loss at 0.1275, not at an integer level, small dips don't count. Target is 0.171, once reached, take partial profit first, leave the rest as a lottery ticket, aiming for 0.197.
Don't hesitate, in a market where shorts are losing money, time is on the bulls' side.