$ETC This drop is pretty interesting—prices are moving down, and open interest is also shrinking. It’s not a new short-selling pressure; it feels more like longs de-leveraging themselves. The 24h trading value is only 29.93M, which is pretty thin. With just a small sell-off, you can push out 5.6x volume.
It’s also hitting around the 99.6th percentile, the pool anomaly #5. Active trade delta is -28.5%, and the buy/sell ratio is 0.56. Sellers are in control, but not out of control. Still, the close has already broken below the lower edge of the recent 5m range for nearly 20 candles. Next, we’ll see if anyone steps in.
If longs keep getting cut here, there could be another leg down. But if OI stops falling and stabilizes, it becomes a good observation point. No rush now—wait for signals.
It’s also hitting around the 99.6th percentile, the pool anomaly #5. Active trade delta is -28.5%, and the buy/sell ratio is 0.56. Sellers are in control, but not out of control. Still, the close has already broken below the lower edge of the recent 5m range for nearly 20 candles. Next, we’ll see if anyone steps in.
If longs keep getting cut here, there could be another leg down. But if OI stops falling and stabilizes, it becomes a good observation point. No rush now—wait for signals.