On the “dash” side, it’s now at 45.9u, and from around 41 in the afternoon it kept pushing straight up. But the position on the contract hasn’t increased; instead it kept falling.
When the price rises, the open positions decrease—this is the shorts closing their positions. The short sellers got topped to the point where they couldn’t take it anymore, admitted defeat and left. To close the short, you have to buy back, and the price then moves up on its own. This round isn’t fresh money coming in to buy—it’s the shorts themselves forcing the price up.
On August 22, it surged to 47.7, poked with a wick and then got hammered back. After that it consolidated for a few days without breaking below; today it climbed back up again—just a little short of that level.
It’s been rising pretty fast—one step per hour. It looks pretty comfortable.
I’m seeing it go up. Once it pushes past 47.7, the upside space opens. If it falls back below 37, then my bullish take would be considered wrong. #dash $DASH
When the price rises, the open positions decrease—this is the shorts closing their positions. The short sellers got topped to the point where they couldn’t take it anymore, admitted defeat and left. To close the short, you have to buy back, and the price then moves up on its own. This round isn’t fresh money coming in to buy—it’s the shorts themselves forcing the price up.
On August 22, it surged to 47.7, poked with a wick and then got hammered back. After that it consolidated for a few days without breaking below; today it climbed back up again—just a little short of that level.
It’s been rising pretty fast—one step per hour. It looks pretty comfortable.
I’m seeing it go up. Once it pushes past 47.7, the upside space opens. If it falls back below 37, then my bullish take would be considered wrong. #dash $DASH
