$KITE This move has a little something.
On the 15m chart it directly pushed up 2%, with volume hitting more than 4x the normal level. The close price also brushed past the top edge of the last 20 5m candles. But what’s interesting is that OI is dropping—15m -0.09%, 1h -0.24%. Price is rising while positions are shrinking, which is typical of short covering; it’s not longs adding new positions.
The OI percentile is 96.4%. It ranks #20 across the whole pool, and it’s been carrying over across several consecutive cycles. This is also not far from the historical extreme range. The aggressive buy/sell ratio is 1.14, a 6.5% difference—order flow is still slightly biased to the buy side.
The question is how far this structure can go. In a short-covering-driven market, once shorts are closed, there’s no further fuel unless spot on this side can pick up. In the last 24h, turnover is only a bit over 10M; the pool isn’t that deep. If you lift it, it’s also quick to dump.
For now, watch whether OI keeps falling or starts to come back with price. If price chops sideways while OI continues to drop, then it’s basically a one-off move.
On the 15m chart it directly pushed up 2%, with volume hitting more than 4x the normal level. The close price also brushed past the top edge of the last 20 5m candles. But what’s interesting is that OI is dropping—15m -0.09%, 1h -0.24%. Price is rising while positions are shrinking, which is typical of short covering; it’s not longs adding new positions.
The OI percentile is 96.4%. It ranks #20 across the whole pool, and it’s been carrying over across several consecutive cycles. This is also not far from the historical extreme range. The aggressive buy/sell ratio is 1.14, a 6.5% difference—order flow is still slightly biased to the buy side.
The question is how far this structure can go. In a short-covering-driven market, once shorts are closed, there’s no further fuel unless spot on this side can pick up. In the last 24h, turnover is only a bit over 10M; the pool isn’t that deep. If you lift it, it’s also quick to dump.
For now, watch whether OI keeps falling or starts to come back with price. If price chops sideways while OI continues to drop, then it’s basically a one-off move.
