That five-minute candle at 7:15 p.m. saw $IDOL peak at 0.031929, but it closed at just 0.028095—a drop of 8% in a single candle. In the same hour, it plunged again to today's low of 0.0271. That hourly candle had a trading volume of 9.25 million U, while the 5 p.m. and 6 p.m. candles had only 2.06 million and 1.72 million, respectively. This wasn't bottom-fishing; it was a bull trap. I'm short.
The 8 a.m. hourly candle hit a high of 0.03409, then the price moved steadily downward. At 7:15, it first touched 0.031929; the taker buy/sell ratio was only 0.78, and it immediately plunged to 0.027872. At 7:30, it swept back up to 0.031387, then at 7:40 it hit a low of 0.0271. Open interest didn't get flushed out: at 7 p.m. it was still 764.8 million contracts, worth 22.16 million U; by 7:45 p.m., it had risen to 781.3 million contracts, worth 22.59 million U. Positions were being added as the price was driven down. At 8 p.m., the funding rate settled at +0.0165%; at 4 p.m. it was still +0.0098%. The longs are paying the shorts.
The resistance is at the recent 0.031929. I'll exit if price moves above it. If it breaks below 0.0271, I'll keep shorting.
For that hour-long move from 0.031929 to 0.0271, do you see it as a shakeout or distribution? Are you looking to buy now, or stay short?
#IDOL #山寨币 #诱多 #perpetuals
The 8 a.m. hourly candle hit a high of 0.03409, then the price moved steadily downward. At 7:15, it first touched 0.031929; the taker buy/sell ratio was only 0.78, and it immediately plunged to 0.027872. At 7:30, it swept back up to 0.031387, then at 7:40 it hit a low of 0.0271. Open interest didn't get flushed out: at 7 p.m. it was still 764.8 million contracts, worth 22.16 million U; by 7:45 p.m., it had risen to 781.3 million contracts, worth 22.59 million U. Positions were being added as the price was driven down. At 8 p.m., the funding rate settled at +0.0165%; at 4 p.m. it was still +0.0098%. The longs are paying the shorts.
The resistance is at the recent 0.031929. I'll exit if price moves above it. If it breaks below 0.0271, I'll keep shorting.
For that hour-long move from 0.031929 to 0.0271, do you see it as a shakeout or distribution? Are you looking to buy now, or stay short?
#IDOL #山寨币 #诱多 #perpetuals
