$USELESS This name is really well chosen. Looking at the chart now, it does seem pretty useless.
On the 15m chart, price broke straight below the lower bound of the past 20 5m candles' range. Volume surged to over 4x normal, aggressive trade delta was -22.5%, and the buy/sell ratio was 0.63. Sellers were firmly in control.
Interestingly, OI is still rising: +0.30% on the 1h, with the anomaly percentile hitting 95 and ranking #28 across the entire pool. Price down, OI up—that's not a good sign. It strongly suggests new leveraged shorts are entering.
Notional change was negative, at -260K, which means some existing positions are being closed, but new shorts are coming in faster. A classic pattern of longs getting squeezed, followed by shorts piling on.
24h trading volume is 32M—not insignificant. A breakdown on this kind of volume could have momentum, so be careful. An OI anomaly at the 95th percentile means this setup is already quite extreme across the pool.
Don't rush to buy the dip. Wait for the divergence between OI and price to resolve first.
On the 15m chart, price broke straight below the lower bound of the past 20 5m candles' range. Volume surged to over 4x normal, aggressive trade delta was -22.5%, and the buy/sell ratio was 0.63. Sellers were firmly in control.
Interestingly, OI is still rising: +0.30% on the 1h, with the anomaly percentile hitting 95 and ranking #28 across the entire pool. Price down, OI up—that's not a good sign. It strongly suggests new leveraged shorts are entering.
Notional change was negative, at -260K, which means some existing positions are being closed, but new shorts are coming in faster. A classic pattern of longs getting squeezed, followed by shorts piling on.
24h trading volume is 32M—not insignificant. A breakdown on this kind of volume could have momentum, so be careful. An OI anomaly at the 95th percentile means this setup is already quite extreme across the pool.
Don't rush to buy the dip. Wait for the divergence between OI and price to resolve first.