$SUI at 0.7226, bouncing after a wick down near 0.695.
the zone that was holding it up, 0.7313 to 0.7451, is now above price. support became resistance in one candle. reclaiming it is the only question that matters right now.
why it happened: open interest near the top of its range at $596M while price cooled, OKX long/short 3.1 to one long, and $1.53M of the $1.59M liquidated in a day was longs. crowded book on something falling. that resolves one way.
watching the reclaim of 0.7451, 0.6356 as the real line underneath, 0.8011 as the thing above that changes the picture.
not chasing a bounce off a flush. want the reclaim first.
the zone that was holding it up, 0.7313 to 0.7451, is now above price. support became resistance in one candle. reclaiming it is the only question that matters right now.
why it happened: open interest near the top of its range at $596M while price cooled, OKX long/short 3.1 to one long, and $1.53M of the $1.59M liquidated in a day was longs. crowded book on something falling. that resolves one way.
watching the reclaim of 0.7451, 0.6356 as the real line underneath, 0.8011 as the thing above that changes the picture.
not chasing a bounce off a flush. want the reclaim first.
