$RSR plunged 8% in just 15 minutes, with volume surging to nearly 4x and a Z-score of 5.25—this looks like an emotion-driven spike.
What’s interesting is OI: it’s still declining on the 1h timeframe, but has ticked up slightly on the 15m. The notional value of flows is negative, suggesting this isn’t a sell-off driven by shorts closing, but rather new shorts rushing in at an extreme level. Price has made a new low, while the open-interest percentile is an unusually high 98.6%, ranking 9th across the entire pool. That level of crowding seems off.
Buy-side depth is 0.82, aggressive trade imbalance is -9.9%, and depth data confirms a break below the lower end of the past 20 five-minute candles. Either this is the final leg of a panic sell-off, or the shorts haven’t even started pressing yet. I’m not comfortable buying here; I’ll wait for the divergence between OI and price to resolve first.
What’s interesting is OI: it’s still declining on the 1h timeframe, but has ticked up slightly on the 15m. The notional value of flows is negative, suggesting this isn’t a sell-off driven by shorts closing, but rather new shorts rushing in at an extreme level. Price has made a new low, while the open-interest percentile is an unusually high 98.6%, ranking 9th across the entire pool. That level of crowding seems off.
Buy-side depth is 0.82, aggressive trade imbalance is -9.9%, and depth data confirms a break below the lower end of the past 20 five-minute candles. Either this is the final leg of a panic sell-off, or the shorts haven’t even started pressing yet. I’m not comfortable buying here; I’ll wait for the divergence between OI and price to resolve first.