Short WAVES
Updated
Daily RSI @ 89.9 after a massive short squeeze from 30 -> 55 the last 1-2 days. Double top.
99% chance in my opinion
WAVES will trade below 35 this year.
I don't even know what waves is so this might be stupid but with a 5 billion mcap sustaining this price can prove to be difficult. Funding still negative which means people are probs shorting a lot, could be smarter to wait for the funding to turn positive before shorting so that you don't get stop hunted here in the next couple of days.
My guess is that price returns sooner or later to the pre pump area of 30-35$ anf thinks this is a pretty good R:R trade. If you want to make it even better, wait for a small pump to 52-53$, with a stop at 55, this gives a better R:R.
99% chance in my opinion
WAVES will trade below 35 this year.I don't even know what waves is so this might be stupid but with a 5 billion mcap sustaining this price can prove to be difficult. Funding still negative which means people are probs shorting a lot, could be smarter to wait for the funding to turn positive before shorting so that you don't get stop hunted here in the next couple of days.
My guess is that price returns sooner or later to the pre pump area of 30-35$ anf thinks this is a pretty good R:R trade. If you want to make it even better, wait for a small pump to 52-53$, with a stop at 55, this gives a better R:R.
Note
Lesson learnt: don't short something that has negative funding. But as I said in the idea, it would have been better to wait. As it happens I closed the short a couple hours later after this post and only lost very little. Woke up today with the short squeeze to 60$ and shorted again at 57.5, with a stop at 58.8. Target still 30$.Note
And as it happens funding is turning positive now.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.