After the cleanup of long positions we recently saw (sharp drop in Open Interest at the minimum of 1.383), the scenario for an upward movement is aligning.
1๏ธโฃ Liquidity in the Order Book: The order book shows massive "walls" between 1.70 and 1.80 USDT. The price often acts like a magnet towards where there is more liquidity.
2๏ธโฃ Negative Funding Rate: With an FF of -0.036%, shorts are paying longs. The market is "heavy" to the downside, which is often fuel for a Short Squeeze.
3๏ธโฃ Structure: After sweeping stops, the path of least resistance seems to be upward.
๐ฏ Probable targets: 1.70 - 1.80 to capture that liquidity.
โ ๏ธ This is not financial advice. Operate with risk management.
๐จ Update โฐ๏ธ21:24
๐คฏ Wow! I told you ๐ฎ
