C98’s drop here was pretty decisive: -3.17% in just 15m, with volume at 1.69x, not the kind of slow, grinding decline that wears people down.
The key is OI: -2.85% on 15m, notional -203K, and basically no recovery over 1h. This is a classic long deleveraging move, with the lower wick being formed by stop-losses and position cuts hitting at the same time. Taker imbalance was -20.4%, and the buy/sell ratio was 0.66, so selling pressure was clearly dominant. But funding is still at a relatively high recent percentile, while OI is at an extreme percentile of 99%, rank #2 in the whole pool — the smell of longs being flushed out is stronger than new shorts opening.
Price is already hugging its own historical extreme range. At this kind of level, it’s either washed out and ready to move up lighter, or the position structure really has a problem. First watch whether this 15m candle can reclaim its losses; don’t rush to catch the bottom.
The key is OI: -2.85% on 15m, notional -203K, and basically no recovery over 1h. This is a classic long deleveraging move, with the lower wick being formed by stop-losses and position cuts hitting at the same time. Taker imbalance was -20.4%, and the buy/sell ratio was 0.66, so selling pressure was clearly dominant. But funding is still at a relatively high recent percentile, while OI is at an extreme percentile of 99%, rank #2 in the whole pool — the smell of longs being flushed out is stronger than new shorts opening.
Price is already hugging its own historical extreme range. At this kind of level, it’s either washed out and ready to move up lighter, or the position structure really has a problem. First watch whether this 15m candle can reclaim its losses; don’t rush to catch the bottom.