$SOPH This giant bearish candle has already slammed down, but the Open Interest is still rising—this detail worries me more than the price itself.
From 0.003823 to 0.012599, up 74.42% in 24 hours: a typical “meme/rogue coin” style move. In the end, this 1-hour candle dropped by 17.72%, with a 20.56% range. Brothers who touched the highs these past two days probably haven’t been feeling great.
Normally, after a giant bearish candle like this, open positions should drop—longs that should get liquidated get liquidated, and those who should run should run. But this time Open Interest hasn’t fallen; it’s actually climbed to 2.58B, with a notional value of 27.89M, and the chart bars are still pushing upward.
Put simply: after such a hard hit, there’s still steady money flowing in. This is either bottom-picking, or adding leverage to bet on a rebound. Either way, it’s quite dangerous—get it right and you’re buying at “floor price”; get it wrong and you’re the one holding the bag for the next round of declines.
RSI6 has already fallen below 50 to 43.29. RSI12 and RSI24 are still at 56.27 and 62.40 respectively. The short-term momentum is already weakening, but the medium-to-long term hasn’t completely broken down yet. The super trend line at 0.008090 is very close to the current price—once it breaks, this rally is basically going to be over.
With this kind of giant bearish candle plus increasing open positions, personally I wouldn’t touch it. What do you think?
For reference only; not investment advice.
#SOPH #美伊互袭油轮冲突升级 #btc #Zcash周涨45%创2016年来新高 $BTC $ZEC
From 0.003823 to 0.012599, up 74.42% in 24 hours: a typical “meme/rogue coin” style move. In the end, this 1-hour candle dropped by 17.72%, with a 20.56% range. Brothers who touched the highs these past two days probably haven’t been feeling great.
Normally, after a giant bearish candle like this, open positions should drop—longs that should get liquidated get liquidated, and those who should run should run. But this time Open Interest hasn’t fallen; it’s actually climbed to 2.58B, with a notional value of 27.89M, and the chart bars are still pushing upward.
Put simply: after such a hard hit, there’s still steady money flowing in. This is either bottom-picking, or adding leverage to bet on a rebound. Either way, it’s quite dangerous—get it right and you’re buying at “floor price”; get it wrong and you’re the one holding the bag for the next round of declines.
RSI6 has already fallen below 50 to 43.29. RSI12 and RSI24 are still at 56.27 and 62.40 respectively. The short-term momentum is already weakening, but the medium-to-long term hasn’t completely broken down yet. The super trend line at 0.008090 is very close to the current price—once it breaks, this rally is basically going to be over.
With this kind of giant bearish candle plus increasing open positions, personally I wouldn’t touch it. What do you think?
For reference only; not investment advice.
#SOPH #美伊互袭油轮冲突升级 #btc #Zcash周涨45%创2016年来新高 $BTC $ZEC
