MU is now around 952. After getting smashed yesterday, today it's being repaired.
Four hours saw momentum flip, six candles with four closing bullish. Price has moved back above the 20- and 50-day moving averages, climbing from the low at 916 all the way back to around 955. The rebound itself is valid.
The issue is the strength of incoming funds. Contract open interest has been dropping for seven hours, the funding rate is lying on the floor—almost at zero—and active trading volume is also shrinking. This isn’t new money making a major entry; it looks more like a short-covering rebound after oversold conditions. The good side is that leverage isn’t crowded, so the risk of a short-term cascade/forced liquidation isn’t big.
The big players are a bit interesting. Both the account and position long/short ratios have been pulled to nearly 2:1, with longs accounting for about 65%. Over the next seven hours, they added another roughly 10% on top. This wave of top-tier capital is adding longs, not borrowing the rebound to run.
However, the order book’s sell orders are clearly thicker than the buy orders. Above, 969 is yesterday’s high. To break through directly, you’d need the spot market to generate volume with follow-through.
So my judgment is mildly bullish, but I wouldn’t chase at higher levels first. The rebound is happening and the big players are there—but volume hasn’t caught up. Chasing has mediocre cost-performance. Wait for a pullback toward the moving-average area where there are buyers, or for a volume-driven sweep that eats through 969, and then it’ll be more comfortable to get on the train.
#mu $MU
Four hours saw momentum flip, six candles with four closing bullish. Price has moved back above the 20- and 50-day moving averages, climbing from the low at 916 all the way back to around 955. The rebound itself is valid.
The issue is the strength of incoming funds. Contract open interest has been dropping for seven hours, the funding rate is lying on the floor—almost at zero—and active trading volume is also shrinking. This isn’t new money making a major entry; it looks more like a short-covering rebound after oversold conditions. The good side is that leverage isn’t crowded, so the risk of a short-term cascade/forced liquidation isn’t big.
The big players are a bit interesting. Both the account and position long/short ratios have been pulled to nearly 2:1, with longs accounting for about 65%. Over the next seven hours, they added another roughly 10% on top. This wave of top-tier capital is adding longs, not borrowing the rebound to run.
However, the order book’s sell orders are clearly thicker than the buy orders. Above, 969 is yesterday’s high. To break through directly, you’d need the spot market to generate volume with follow-through.
So my judgment is mildly bullish, but I wouldn’t chase at higher levels first. The rebound is happening and the big players are there—but volume hasn’t caught up. Chasing has mediocre cost-performance. Wait for a pullback toward the moving-average area where there are buyers, or for a volume-driven sweep that eats through 969, and then it’ll be more comfortable to get on the train.
#mu $MU