$BZ Now around 81.8, the script really hasn’t changed at all.
Price is back down near the 20-line and below the 50-line—over a 4-hour period there are 4 candles, all bearish. On the daily chart there’s just one big bearish candle pinning it down. After it touched 84.3, it hasn’t gone back up even once—if it can’t move higher, then it really can’t move higher.
What’s even more troublesome is what’s inside it. Open interest got cut another 3 points in a day, and the contract funding is being pulled out. On the whale side, positions are still leaning short—longs don’t even make up 40%, and the big players simply aren’t standing on the long side.
The order book is actually a bit thicker on the buy side. Aggressive buys make up about 70%, so it looks like someone is taking it. But the more it looks like this, the more uneasy I feel—when it was going up, nobody followed. Now that someone is charging in at this level, it looks like they might just be handing out exit ramps for the trapped longs ahead.
Funding is still negative. Shorts are paying, so longs should, in theory, feel comfortable. But the price just won’t move—I can’t figure it out. Maybe nobody’s playing anymore.
I’m not chasing at this spot. I’ll wait until it clears up the direction first. It’s really unstoppable.
#bz $BZ
Price is back down near the 20-line and below the 50-line—over a 4-hour period there are 4 candles, all bearish. On the daily chart there’s just one big bearish candle pinning it down. After it touched 84.3, it hasn’t gone back up even once—if it can’t move higher, then it really can’t move higher.
What’s even more troublesome is what’s inside it. Open interest got cut another 3 points in a day, and the contract funding is being pulled out. On the whale side, positions are still leaning short—longs don’t even make up 40%, and the big players simply aren’t standing on the long side.
The order book is actually a bit thicker on the buy side. Aggressive buys make up about 70%, so it looks like someone is taking it. But the more it looks like this, the more uneasy I feel—when it was going up, nobody followed. Now that someone is charging in at this level, it looks like they might just be handing out exit ramps for the trapped longs ahead.
Funding is still negative. Shorts are paying, so longs should, in theory, feel comfortable. But the price just won’t move—I can’t figure it out. Maybe nobody’s playing anymore.
I’m not chasing at this spot. I’ll wait until it clears up the direction first. It’s really unstoppable.
#bz $BZ