$IREN keeps smashing 8 more points, and the price sinks to 48. In the past 24 hours,成交 reached 1.74 million USD, and open interest is 11,000 lots—hard and steady, hardly moved. With it dropping like this, if open interest doesn’t collapse, it’s either longs that are being stubbornly hard-held, or shorts that are slowly grinding the knife. The former is more likely.
If the position is stuck like this, it’s basically an anchor. If you don’t cut positions during a creeping decline, and longs and shorts keep wearing each other down, as long as the longs don’t die, the shorts will just keep grinding. Don’t expect any rebound. The last time this kind of structure broke down, it took three straight days of continued weakness before it could catch its breath.
Trading tag: #TradFi #链上美股 #IREN
At this point for IREN, would you enter the trade or wait and watch?
If the position is stuck like this, it’s basically an anchor. If you don’t cut positions during a creeping decline, and longs and shorts keep wearing each other down, as long as the longs don’t die, the shorts will just keep grinding. Don’t expect any rebound. The last time this kind of structure broke down, it took three straight days of continued weakness before it could catch its breath.
Trading tag: #TradFi #链上美股 #IREN
At this point for IREN, would you enter the trade or wait and watch?