$HEMI at 5 a.m., this wave was kind of interesting.
In 15m, it’s up 1.33%. It doesn’t look huge, but the volume is 1.75 times the norm, and the active buy/sell ratio is 2.03—buy orders are genuinely pushing.
The price has moved above the upper edge of nearly 20 consecutive 5m candles.
The key is OI—when price rises, contract open interest is actually falling, -0.42% in 1h. This doesn’t look like fresh long positions driving it; it’s more like shorts are being squeezed into covering. The pool’s abnormal percentile is 88.7%, ranking 7th, which means this divergence structure is quite conspicuous within the pool.
For a move pushed up by short covering, the question is whether it can sustain. If there’s no new positioning to take over afterward, this wave could easily turn into a single spike that’s all over. Watch for when OI turns positive—that’s when you know there are actually people willing to step in at this level.
In 15m, it’s up 1.33%. It doesn’t look huge, but the volume is 1.75 times the norm, and the active buy/sell ratio is 2.03—buy orders are genuinely pushing.
The price has moved above the upper edge of nearly 20 consecutive 5m candles.
The key is OI—when price rises, contract open interest is actually falling, -0.42% in 1h. This doesn’t look like fresh long positions driving it; it’s more like shorts are being squeezed into covering. The pool’s abnormal percentile is 88.7%, ranking 7th, which means this divergence structure is quite conspicuous within the pool.
For a move pushed up by short covering, the question is whether it can sustain. If there’s no new positioning to take over afterward, this wave could easily turn into a single spike that’s all over. Watch for when OI turns positive—that’s when you know there are actually people willing to step in at this level.