How to read cot data?

Could you please explain in simple terms how one can effectively read and interpret cot data? I'm new to this area and want to ensure I'm correctly analyzing the information to make informed decisions in my cryptocurrency investments. Specifically, what are the key metrics I should be looking at, and how do they indicate market sentiment or potential price movements? Additionally, are there any common pitfalls or misunderstandings to avoid when interpreting cot data?