$GTC That was a pretty brutal move.
It dropped 3.64% in just 15m, with volume surging to 6.87 times its usual level. The active buy/sell ratio was 0.46—sellers were clearly in control. More importantly, OI fell 2.43% over 15m and 5.51% over 1h, with more than 520,000 U in notional value wiped out.
Price down + OI down: this wasn’t new shorts entering; it was existing longs cutting losses and reducing leverage. OI has been shrinking for several consecutive periods, and the anomaly percentile has hit 99.8%, ranking 4th across the entire pool.
On top of that, the closing price broke below the lows of the last 20 5m candles, meaning the short-term structure has been breached.
I generally wouldn’t rush to buy into a move like this. Until position reduction is over, any rebound is likely to be weak. First, watch for OI to stop falling, then see whether price can reclaim the range.
It dropped 3.64% in just 15m, with volume surging to 6.87 times its usual level. The active buy/sell ratio was 0.46—sellers were clearly in control. More importantly, OI fell 2.43% over 15m and 5.51% over 1h, with more than 520,000 U in notional value wiped out.
Price down + OI down: this wasn’t new shorts entering; it was existing longs cutting losses and reducing leverage. OI has been shrinking for several consecutive periods, and the anomaly percentile has hit 99.8%, ranking 4th across the entire pool.
On top of that, the closing price broke below the lows of the last 20 5m candles, meaning the short-term structure has been breached.
I generally wouldn’t rush to buy into a move like this. Until position reduction is over, any rebound is likely to be weak. First, watch for OI to stop falling, then see whether price can reclaim the range.