$Q This move is pretty interesting. It dumped 3.24% in 15m, with volume reaching 2.29x, a Z-score of 3.5, and the close breaking below the lower bound of the last 20 5m candles—a classic range breakdown.
But the strange thing is that OI is still rising: +0.02% over 15m and +0.56% over 1h. The notional change is negative, which suggests this isn't longs adding to their positions to buy the dip, but more likely new leveraged shorts entering. Aggressive trade delta is -31.4%, and the buy/sell ratio is 0.52, so selling pressure is clearly in control.
Its anomaly percentile across the whole pool is 89.9%, its anomaly rank is 23, and its notional change rank is 28—so by the numbers, it's among the more notable ones.
24h trading volume is only 34M, so liquidity isn't very deep. If the new shorts keep pushing it down and there's no support, it could accelerate. On the other hand, with OI rising and price falling to this level, a short squeeze is also a risk.
First, let's see whether it can reclaim the lower bound. If it can't, the bias is to follow the shorts.
But the strange thing is that OI is still rising: +0.02% over 15m and +0.56% over 1h. The notional change is negative, which suggests this isn't longs adding to their positions to buy the dip, but more likely new leveraged shorts entering. Aggressive trade delta is -31.4%, and the buy/sell ratio is 0.52, so selling pressure is clearly in control.
Its anomaly percentile across the whole pool is 89.9%, its anomaly rank is 23, and its notional change rank is 28—so by the numbers, it's among the more notable ones.
24h trading volume is only 34M, so liquidity isn't very deep. If the new shorts keep pushing it down and there's no support, it could accelerate. On the other hand, with OI rising and price falling to this level, a short squeeze is also a risk.
First, let's see whether it can reclaim the lower bound. If it can't, the bias is to follow the shorts.