Around 1137 for SKHYNIX now. The move yesterday that bounced from about 1063 all the way up to 1194—today it has moved to the midline and started to “flicker” (chop nervously).
First, the most eye-catching: the contract open interest dropped by nearly 8 points in one day, and it was still declining within the 7 hours. Price is still up in the last 24 hours by two points, yet the position kept falling all the way down—this “bounce” is a short-covering bounce, not new money rushing in to build longs.
Active trades are even more direct. Sell orders are pressing against buy orders, and the buy-side participation ratio is only 38%. In the last 7 hours, the actively bought volume was cut by more than 30% again. The price has slipped back below the 15-minute two moving averages. On the 4-hour chart, out of six lines, four are bearish (red). After the rebound reached this point, it’s clear the long side’s fuel can’t keep up.
But if you want me to say it straight that this is purely bearish, I don’t buy it either. The big players’ side is another story—accounts have 76% of positions pressing on the long side. Over the last 7 hours, the long/short position ratio is still adding about 8 points. The big money hasn’t exited; it’s still adding positions at low levels. The bid-wall in the spot market is more than four times thicker than the ask wall. The funding rate is sitting below zero—so the shorts are essentially paying to stay. If you really want to say the market is about to break down, there’s no solid evidence.
To put it simply, both sides are fighting now: in the short term, sell pressure has the upper hand and positions are being withdrawn, but the big money hasn’t gone—and the support below is thick. Chasing longs from this area has mediocre risk-reward; chasing shorts also makes no sense. First, see whether the low-point zone from 1063 to 1090 can hold again. Then, once it stands back above the moving averages, we can talk about going long. Wait for the capital to show its stance first.
#skhynix $SKHYNIX
First, the most eye-catching: the contract open interest dropped by nearly 8 points in one day, and it was still declining within the 7 hours. Price is still up in the last 24 hours by two points, yet the position kept falling all the way down—this “bounce” is a short-covering bounce, not new money rushing in to build longs.
Active trades are even more direct. Sell orders are pressing against buy orders, and the buy-side participation ratio is only 38%. In the last 7 hours, the actively bought volume was cut by more than 30% again. The price has slipped back below the 15-minute two moving averages. On the 4-hour chart, out of six lines, four are bearish (red). After the rebound reached this point, it’s clear the long side’s fuel can’t keep up.
But if you want me to say it straight that this is purely bearish, I don’t buy it either. The big players’ side is another story—accounts have 76% of positions pressing on the long side. Over the last 7 hours, the long/short position ratio is still adding about 8 points. The big money hasn’t exited; it’s still adding positions at low levels. The bid-wall in the spot market is more than four times thicker than the ask wall. The funding rate is sitting below zero—so the shorts are essentially paying to stay. If you really want to say the market is about to break down, there’s no solid evidence.
To put it simply, both sides are fighting now: in the short term, sell pressure has the upper hand and positions are being withdrawn, but the big money hasn’t gone—and the support below is thick. Chasing longs from this area has mediocre risk-reward; chasing shorts also makes no sense. First, see whether the low-point zone from 1063 to 1090 can hold again. Then, once it stands back above the moving averages, we can talk about going long. Wait for the capital to show its stance first.
#skhynix $SKHYNIX