What to do if you're stuck with MYX? Three simple tips from Xin Jie to help you quickly get out!
I've seen quite a few people shorting MYX and getting stuck. The short position opened at 4 dollars this afternoon, and the price has now risen to 6.2, which is indeed a lot of pressure. Don't worry, I'll share a few practical methods.
First, clarify why you got stuck. MYX started this wave from a low point of 1.1376, peaking at 8.3. Although it has now retraced to 6.114, the overall trend hasn't completely turned bearish. The middle Bollinger Band is currently at 3.87, and the upper band has reached 5.6, indicating that the bulls still have the advantage.
Next, looking at the RSI indicator, both the 6-hour and 12-hour levels are above 91, clearly overbought. However, overbought doesn't mean it will drop immediately; strong coins often stay overbought for a while, and blindly shorting carries a significant risk.
Now, here are three methods to get out, and you can choose based on your situation:
First, cut losses in batches to control losses.
If your position is heavy, it's advisable to reduce part of your position in the 6.0-6.2 range. As long as you keep your principal, there's no fear of missing out on opportunities to earn it back; once you face liquidation, you'll really have nothing left.
Second, hedge and lock in positions to reduce risk.
You can open a long position near the current price to hedge. This way, if the price drops, the losses on the short position will decrease; if it rises, the long position can still profit. However, this method requires some operational experience, so beginners should use it cautiously.
Third, grid trading, using volatility to lower costs.
MYX's recent volatility is close to 16%, which is quite significant. You can set orders in the 5.8-6.5 range, selling high and buying low to gradually reduce your holding cost. This is a relatively conservative strategy.
Additionally, it's worth noting that MYX has seen $27,920,000 in short positions liquidated within an hour. This indicates that many shorts have been cleared, and there might be a rebound in the short term. However, the long-term trend still depends on trading volume; if the volume doesn't keep up, it may need to reverse.
What will MYX do next? The Bollinger Bands are narrowing, and a market change is coming soon. It will either break above 7 dollars and continue to rise or fall back below 4.5. The key is whether it can hold above 6.3 dollars.
Regarding whether MYX can rise to 10 dollars, or how to get out of other stuck coins, I will share more practical methods.
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