$MUBARAK At 1:30 a.m., I came across an interesting setup: price dropped 2%, and OI fell along with it. Longs were closing, not holding on.
On the 15m chart, volume surged to 3x, and the taker imbalance was -17.9%—the selling pressure was real. But look closely at open interest: down 0.41% on the 15m and 0.40% on the 1h, with notional value falling by over 600k U.
It wasn’t shorts launching a major attack; longs were reducing their own positions.
Price broke below the lows of the last 20 five-minute candles, with a Z-score of 3.14—equivalent to the 98.6th percentile. This setup usually plays out one of two ways: either the sell-off continues after positions are cleared, or price rebounds after shaking out weak hands.
No rush to buy the dip. I’ll watch for when this round of liquidations is over.
On the 15m chart, volume surged to 3x, and the taker imbalance was -17.9%—the selling pressure was real. But look closely at open interest: down 0.41% on the 15m and 0.40% on the 1h, with notional value falling by over 600k U.
It wasn’t shorts launching a major attack; longs were reducing their own positions.
Price broke below the lows of the last 20 five-minute candles, with a Z-score of 3.14—equivalent to the 98.6th percentile. This setup usually plays out one of two ways: either the sell-off continues after positions are cleared, or price rebounds after shaking out weak hands.
No rush to buy the dip. I’ll watch for when this round of liquidations is over.