$FIL This drop isn’t particularly violent, but the structure looks pretty ugly.
On the 15m chart, it breaks down through the lows of the past ~20 5m ranges; volume is 2.69x. The active buy/sell ratio is 0.47, and the trade spread is -36.2%, with all the selling pressure pushing it down. OI has been falling for several consecutive periods: 1h nominal -924K, 15m -570K. As price falls, OI also drops—this is the classic liquidation of leveraged longs, not fresh shorts entering.
The anomaly percentile is 92.9%, ranking 8th in the whole pool. The funding rate is still in a high percentile recently too—longs were squeezed way too full beforehand.
The key is whether it can quickly reclaim the range here. If it can’t, there’s still room for further deleveraging below. Don’t rush in to catch it.
On the 15m chart, it breaks down through the lows of the past ~20 5m ranges; volume is 2.69x. The active buy/sell ratio is 0.47, and the trade spread is -36.2%, with all the selling pressure pushing it down. OI has been falling for several consecutive periods: 1h nominal -924K, 15m -570K. As price falls, OI also drops—this is the classic liquidation of leveraged longs, not fresh shorts entering.
The anomaly percentile is 92.9%, ranking 8th in the whole pool. The funding rate is still in a high percentile recently too—longs were squeezed way too full beforehand.
The key is whether it can quickly reclaim the range here. If it can’t, there’s still room for further deleveraging below. Don’t rush in to catch it.