13.35u, SNXX 24 hours dropped more than 10%, hovering right along today’s low at 13.32 and repeatedly testing it—yet the futures position size hasn’t shrunk; it even expanded by 2.5%. When the price got smashed onto the floor, positions were still being added. This isn’t a panic liquidation and clearing out—someone is opening fresh short positions at the low, then pushing further down.
The tape left no room for fantasy either: in the 15-minute chart, both moving averages are fully broken to the downside; on the 4-hour chart, 6 K-lines with 4 of them being bearish. In active trading, the sellers account for 56%. This is a 2x leveraged ETF—when it falls, it comes with an amplifier, and once a trend is established, it flips incredibly fast.
The only dissent comes from the big players: they’re positioned 71.5% long, and even added nearly 9% within 7 hours—clearly someone is catching a falling knife. But large orders in the spot market haven’t put in a single cent; even the order book buy-side thickness is only about 10% greater than the sell side. That little cushion won’t absorb the sell pressure being smashed downward.
So, for this leg of holding down the shorts: new shorts enter at low levels, the price slides along beneath the moving averages, and the big player who’s catching the knife can’t change direction. Break below 13.32 to add shorts, with targets below 13.
When will the tide turn? When the price closes back above the 20 moving average at 13.66, and active buying volume turns to surpass sell orders—that’s when the big players have caught the knife correctly, and short positions are immediately withdrawn. Until then, falling is the main theme.
#snxx $SNXX
The tape left no room for fantasy either: in the 15-minute chart, both moving averages are fully broken to the downside; on the 4-hour chart, 6 K-lines with 4 of them being bearish. In active trading, the sellers account for 56%. This is a 2x leveraged ETF—when it falls, it comes with an amplifier, and once a trend is established, it flips incredibly fast.
The only dissent comes from the big players: they’re positioned 71.5% long, and even added nearly 9% within 7 hours—clearly someone is catching a falling knife. But large orders in the spot market haven’t put in a single cent; even the order book buy-side thickness is only about 10% greater than the sell side. That little cushion won’t absorb the sell pressure being smashed downward.
So, for this leg of holding down the shorts: new shorts enter at low levels, the price slides along beneath the moving averages, and the big player who’s catching the knife can’t change direction. Break below 13.32 to add shorts, with targets below 13.
When will the tide turn? When the price closes back above the 20 moving average at 13.66, and active buying volume turns to surpass sell orders—that’s when the big players have caught the knife correctly, and short positions are immediately withdrawn. Until then, falling is the main theme.
#snxx $SNXX
