【$XNY Signal】Short squeeze retracement, aiming for a second upward attack

$XNY The 1H timeframe has experienced a massive short squeeze and rally, currently retracing to key support areas for consolidation. The 4H timeframe shows a strong short-term bullish signal after a large bullish candle, with the current price near the 1H EMA20 (0.0066) providing initial support, and open interest (OI) remaining stable, indicating that major funds have not exited. Sell orders are stacked above 0.00697, forming short-term resistance, but the order book shows deep buy support, presenting a good opportunity for a pullback entry.

🎯Direction: Long (Long)

🎯Entry/Order: 0.00685 - 0.00690 (Reason: Retracement to the 1H previous high support zone and EMA20 )

🛑Stop Loss: 0.00655 (Reason: Break below the 1H rally initiation point and EMA50 support )

🚀Target 1: 0.00735 (Reason: Testing previous high resistance and the upper shadow on the 4H chart )

🚀Target 2: 0.00780 (Reason: Based on ATR and the 1.618 Fibonacci extension level )

🛡️Trade Management:

- Position Size: Light (Reason: Extremely volatile, high-risk trading )

- Execution Strategy: After reaching Target 1, reduce position by 50% to lock in profits, and move the stop loss of the remaining position to the entry price. If the price cannot hold above the entry zone and quickly drops below 0.00680, consider exiting early.

Order Book Logic: The past 4 hours saw a large rally driven by buy dominance (buy/sell ratio once reached 0.53), typical of a short squeeze. Although the latest 1-hour buy/sell ratio dropped to 0.40, indicating reduced chasing of highs, OI remains stable, suggesting that long positions have not been significantly closed. The 1H RSI (61.54) has cooled from overbought levels, providing room for further upward movement. The order book shows a large wall of sell orders above 0.00697-0.00700, so a breakout may require sufficient volume. Deep buy orders below 0.00695 offer short-term support. The core strategy is to play the second attack after the short squeeze, not chasing highs.

Trade here 👇 $XNY

---

Follow me: Get more real-time analysis and insights on the crypto market! $BTC $ETH $SOL
‍#我在Gate广场过新年 #Gate广场发帖领五万美金红包