No hype, no hate—today while going through contract data, I found something interesting about $BTW : in the past 24 hours, open interest dropped by 15.02%, while the price rose by 7.73%.
The price is going up while positions are going down. It looks strong, but in most cases it’s shorts closing their positions. I’ve chased similar rallies before, and once the covering finished, the price lost momentum. This time, I want to wait and see whether open interest rebounds later.
How would you trade it?
#BTW
The price is going up while positions are going down. It looks strong, but in most cases it’s shorts closing their positions. I’ve chased similar rallies before, and once the covering finished, the price lost momentum. This time, I want to wait and see whether open interest rebounds later.
How would you trade it?
#BTW