$OGN is an interesting spot. The price is down 2.79%, but OI is still rising—up 0.41% over 15 minutes and 0.68% over an hour. The notional change is small, but the anomaly percentile has already hit 98.8%, ranking third across the entire pool. This doesn't look like an ordinary liquidation cascade; it looks more like someone is adding leverage to short here.
The active trade delta is -20.2%, the buy/sell ratio is 0.66, and the close fell below the lower bound of the last 20 or so 5-minute candles. With several signals lining up, the direction looks fairly clear.
Of course, an extreme percentile doesn't mean the move will definitely continue; it just means leverage is already very crowded at this level. If the price bounces instead of falling, short covering could also be substantial.
I'll start with a small position and watch for confirmation.
The active trade delta is -20.2%, the buy/sell ratio is 0.66, and the close fell below the lower bound of the last 20 or so 5-minute candles. With several signals lining up, the direction looks fairly clear.
Of course, an extreme percentile doesn't mean the move will definitely continue; it just means leverage is already very crowded at this level. If the price bounces instead of falling, short covering could also be substantial.
I'll start with a small position and watch for confirmation.