$OP I honestly can’t quite make sense of this level. I took a quick look: on the 15-minute timeframe it surged straight up by nearly 2%, and the volume is more than three times the usual. Even more absurdly, the OI has already jumped to the 99.8th percentile of abnormal levels across the whole pool, and the nominal change is also directly in the top ten.
To be honest, I’m not really brave enough to chase after it has risen this much. Breaking above the top of the previous ~20 five-minute K-bars is indeed a real breakout, and the aggressive buy orders are 1.5 times the sell orders—those points are fine. But the synchronized OI surge on the 15m and 1h timeframes, with a pattern of continuous adding—once it turns around, it can also reverse just as quickly. Right now the market sentiment is too hot; everyone is betting it will keep pushing and break the prior high. But who knows—maybe it’s a round of bull traps.
I’ll choose to stay on the sidelines and wait until it confirms and holds in this range. This kind of market is for people who are already on the train. If you ask me to chase the rally, I’ll pass.
To be honest, I’m not really brave enough to chase after it has risen this much. Breaking above the top of the previous ~20 five-minute K-bars is indeed a real breakout, and the aggressive buy orders are 1.5 times the sell orders—those points are fine. But the synchronized OI surge on the 15m and 1h timeframes, with a pattern of continuous adding—once it turns around, it can also reverse just as quickly. Right now the market sentiment is too hot; everyone is betting it will keep pushing and break the prior high. But who knows—maybe it’s a round of bull traps.
I’ll choose to stay on the sidelines and wait until it confirms and holds in this range. This kind of market is for people who are already on the train. If you ask me to chase the rally, I’ll pass.