$XPIN This dip is a bit vicious—within 15 minutes it turned green by 2.6%. Volume surged to 2.6x. Active selling pressure is absolutely in control: the buy-sell ratio is 0.62. It feels like it’s being smashed without regard for cost.
What’s more important is that OI is contracting in sync—both the 15-minute and 1-hour notionals are continuously decreasing. This doesn’t look like a simple wick; it’s more like a script where the bulls are actively surrendering and de-leveraging. Although the spread isn’t huge, with the close breaking directly through the lower edge of the last ~20 moving-average range, the short-term structure has clearly turned worse.
This is only the beginning. I’m not focusing on the drawdown itself, but on that abnormal position data at the 95th percentile—if that continues shrinking, there may be another stretch of pessimistic pricing ahead. The 24-hour trading volume of $56 million suggests activity, but don’t be fooled by a bounce. Until volume shrinks back, don’t rush to buy the dip.
What’s more important is that OI is contracting in sync—both the 15-minute and 1-hour notionals are continuously decreasing. This doesn’t look like a simple wick; it’s more like a script where the bulls are actively surrendering and de-leveraging. Although the spread isn’t huge, with the close breaking directly through the lower edge of the last ~20 moving-average range, the short-term structure has clearly turned worse.
This is only the beginning. I’m not focusing on the drawdown itself, but on that abnormal position data at the 95th percentile—if that continues shrinking, there may be another stretch of pessimistic pricing ahead. The 24-hour trading volume of $56 million suggests activity, but don’t be fooled by a bounce. Until volume shrinks back, don’t rush to buy the dip.