[M1_mag7]
An old dog scanned $NOK ’s order book: over the past 24 hours it’s down 9.311%, with the price sitting at 9.74. The funding rate is 0.00019132—positive—which means longs are paying shorts. Along with the price decline, this is a typical “longs trapped and adding” setup, and liquidation pressure will keep building upward. The on-chain contracts’ OI is 858182.91; liquidity isn’t thin, but the direction is wrong. I think it’s not suitable to bottom-fish right now. In a crowded long position, any rebound may be treated as a distribution exit.
Trading tag: #BinanceFutures #TradFi #USDⓈM #NOK #NOKUSDT $NOK
An old dog scanned $NOK ’s order book: over the past 24 hours it’s down 9.311%, with the price sitting at 9.74. The funding rate is 0.00019132—positive—which means longs are paying shorts. Along with the price decline, this is a typical “longs trapped and adding” setup, and liquidation pressure will keep building upward. The on-chain contracts’ OI is 858182.91; liquidity isn’t thin, but the direction is wrong. I think it’s not suitable to bottom-fish right now. In a crowded long position, any rebound may be treated as a distribution exit.
Trading tag: #BinanceFutures #TradFi #USDⓈM #NOK #NOKUSDT $NOK