UNI’s move is getting interesting. Volume is up 1.99x, and the price is pushing above the upper edge of the 20-bar 5m range. Aggressive buying is ahead by 49.4%, with a buy/sell ratio of 2.96—it looks pretty fierce.
But the derivatives data is a bit of a letdown: OI is down 0.45% over 15m and 0.52% over 1h. The price is rising, but positions are being closed. This structure probably isn’t driven by new longs entering; it looks more like shorts are being forced to cover, with less fuel left for each bounce.
So I’m not keen to chase it here. If you’re bullish, wait for a pullback to hold before confirming. Jumping in now could mean buying at the tail end of the short-covering move.
But the derivatives data is a bit of a letdown: OI is down 0.45% over 15m and 0.52% over 1h. The price is rising, but positions are being closed. This structure probably isn’t driven by new longs entering; it looks more like shorts are being forced to cover, with less fuel left for each bounce.
So I’m not keen to chase it here. If you’re bullish, wait for a pullback to hold before confirming. Jumping in now could mean buying at the tail end of the short-covering move.