$QNTX Today's candle is a bit counterintuitive.
Up 24.851% in 24 hours, from 29.72 to 38.15—it looks like someone shoved it up hard.
After looking through the positions, I don't think that's what's going on.
Open contracts fell from 41183 to 39579, down 3.86%. Notional value, on the other hand, rose 22.23%—
that was driven by the price going up, not new money coming in.
The funding rate is currently exactly zero.
For an entire day, nobody was willing to pay to hold a long position.
The price rose by a quarter while the number of open contracts shrank, and the funding rate stayed near zero. That suggests the move wasn't driven by new long positions being opened, but by shorts closing out and leaving.
As for the price action, yesterday it had just hit a 20-day low at 28.41. Today's low was 29.88,
and it's now at 37.68—counting today, that's the 75.30th percentile of its 20-day range.
Long accounts make up 62.71%. I had to check that number twice before I believed it.
This time, the trading volume is real. So far today it's 6518024 USDT, the highest in these 20 days. Even the previous peak was only 3413916.
This kind of move is like the warehouse having barely any more goods, while the price tags have already been changed.
Over the past 24 hours, the broader market
$BTC is down 0.403%, and
$ETH is down 0.786%. Honestly, this leg up has nothing to do with the broader market.
Where the market is small, liquidity is thin and support is even thinner. A round of short covering can easily push the price too far. I don't think this is some new narrative.
Here's where the real disagreement lies: the price is already back near the upper end, but positions are being withdrawn. This combination usually doesn't go far.
What do you all think?
#QNTX #比特币 #Cryptocurrency
The above is a record of my personal trading system and observations of market data. It does not constitute investment advice.