$CC This drop is pretty interesting.
Price broke below the lower end of the recent 20-bar 5m range, and 15m volume surged to 6.48x—but OI is falling.
15m OI is down 0.11%, 1h OI is down 0.35%, and notional value has dropped by a little over $200k. This isn't new shorts piling in to drive the price down; longs are getting flushed out, either through stop-losses or by actively reducing positions. You can tell from the funding rate still being in a high percentile range recently.
Aggressive trade imbalance is -11.7%, and the buy/sell ratio is 0.79. Selling pressure is there, but this looks more like a chain reaction of deleveraging. The anomaly percentile is 91%, ranking #28 across the entire pool, so the data does point to an unusual event.
Let's see if it can hold this level.
Price broke below the lower end of the recent 20-bar 5m range, and 15m volume surged to 6.48x—but OI is falling.
15m OI is down 0.11%, 1h OI is down 0.35%, and notional value has dropped by a little over $200k. This isn't new shorts piling in to drive the price down; longs are getting flushed out, either through stop-losses or by actively reducing positions. You can tell from the funding rate still being in a high percentile range recently.
Aggressive trade imbalance is -11.7%, and the buy/sell ratio is 0.79. Selling pressure is there, but this looks more like a chain reaction of deleveraging. The anomaly percentile is 91%, ranking #28 across the entire pool, so the data does point to an unusual event.
Let's see if it can hold this level.