A staggering $1 billion in volume traded in a single day, yet open interest left behind was only $20 million. This wasn’t major players moving in—it was a blatant exit, using the market as a way out.
The rally to 0.16369 was driven almost entirely by $2.7 million in short liquidations, which were forced to buy as the price surged. The daily candle immediately printed a long upper wick, with a range of over 50%. Once the shorts had been bled dry, there wasn’t even a single new buyer in the market willing to follow along with leverage.
A frenzy propped up by liquidations falls harder than anything once buying dries up. Any rebound now is a bull trap—don’t reach out to catch this freshly dropped falling knife.
#以太坊突破2500USDT #MAGIC $MAGIC
#MAGIC $MAGIC
👇👇
The rally to 0.16369 was driven almost entirely by $2.7 million in short liquidations, which were forced to buy as the price surged. The daily candle immediately printed a long upper wick, with a range of over 50%. Once the shorts had been bled dry, there wasn’t even a single new buyer in the market willing to follow along with leverage.
A frenzy propped up by liquidations falls harder than anything once buying dries up. Any rebound now is a bull trap—don’t reach out to catch this freshly dropped falling knife.
#以太坊突破2500USDT #MAGIC $MAGIC
#MAGIC $MAGIC
👇👇