Good stuff. Thanks for your reply.

I think it's always good to read the tape/orderflow when executing positions. They often add a little extra insight and give you more of an edge than just chart trading.

Another reason I forgot to mention was that the funding rate was 0.375% for longs which is especially high . The longs pay the shorts or the shorts pay the longs every 8 hours to maintain a price close to the price of bitcoin traded on other exchanges.

That hits in about 50 minutes, which means I'll get $3.75 for every $1000 I have on just for being short. This might act to put a little extra pressure on longs who may be over leveraged and not want to pay the funding rate fee.

We'll see, if it has a quick long squeeze before the rate comes out I might take the opportunity to exit some or all of the position.