$ON This move up in the past 15 minutes saw a 2.6% gain; volume jumped straight to 2.11x. Volatility (Z) rose to 2.2—looks like bulls are aggressively pushing at the top. OI is also trending upward: the 15-minute contracts increased by 0.4%. The nominal change surged into the top 24 of the whole pool, and passive trading gap is down 15.8% with a buy/sell ratio of 1.37—clearly, active buy orders are driving it.
Price has already broken above the upper bound of the last 20 five-minute K-line range and is approaching the historical extreme range. The whole pool is ranked 7th unusually, and depth confirmation is also solid. Short-term sentiment is a bit overheated, but note that this seems more like new leveraged longs are getting involved. Since OI and price are rising together, it’s not a bounce created by shorts being forced to close and sell. Watch out for consolidation or wick spikes at high levels.
Price has already broken above the upper bound of the last 20 five-minute K-line range and is approaching the historical extreme range. The whole pool is ranked 7th unusually, and depth confirmation is also solid. Short-term sentiment is a bit overheated, but note that this seems more like new leveraged longs are getting involved. Since OI and price are rising together, it’s not a bounce created by shorts being forced to close and sell. Watch out for consolidation or wick spikes at high levels.