$BCH This drop is quite “sincere.”
On 15m, it’s down directly -1.45%, with volume reaching 6.92x of normal. The close also broke below the lower edge of the past 20 5m K lines. Active trade value is down -13.6%, buy/sell ratio is 0.76, and selling pressure on the order book is definitely being pressed hard.
But what’s really interesting is the OI: 15m is -5.16%, 1h is -5.72%, with nominal changes cutting by over 7 million dollars. Price is falling while positions are decreasing. This doesn’t look like fresh shorts entering to smash the market—it looks more like longs deleveraging themselves, stops getting swept, and positions being reduced. The percentile is directly topped at 100%; the entire pool is ranked at #2. This kind of continued position reduction across multiple consecutive cycles isn’t something a retail trader can create with a couple of taps.
Now, this level isn’t far from the historical extreme range, and the depth confirms it: volume is higher than usual, the price is touching the boundary of the range, and directionality is still a bit biased. In plain terms, it’s a volume-backed position clean-out.
I won’t try to call the bottom, and I won’t catch a falling knife. I’ll just see whether, after this round of leverage washing is done, anyone is willing to rebuild positions at this level. If nobody steps in, there’s still room down below.
On 15m, it’s down directly -1.45%, with volume reaching 6.92x of normal. The close also broke below the lower edge of the past 20 5m K lines. Active trade value is down -13.6%, buy/sell ratio is 0.76, and selling pressure on the order book is definitely being pressed hard.
But what’s really interesting is the OI: 15m is -5.16%, 1h is -5.72%, with nominal changes cutting by over 7 million dollars. Price is falling while positions are decreasing. This doesn’t look like fresh shorts entering to smash the market—it looks more like longs deleveraging themselves, stops getting swept, and positions being reduced. The percentile is directly topped at 100%; the entire pool is ranked at #2. This kind of continued position reduction across multiple consecutive cycles isn’t something a retail trader can create with a couple of taps.
Now, this level isn’t far from the historical extreme range, and the depth confirms it: volume is higher than usual, the price is touching the boundary of the range, and directionality is still a bit biased. In plain terms, it’s a volume-backed position clean-out.
I won’t try to call the bottom, and I won’t catch a falling knife. I’ll just see whether, after this round of leverage washing is done, anyone is willing to rebuild positions at this level. If nobody steps in, there’s still room down below.