Just one indicator to watch tonight: open interest. $BTC fell 2.50%, with open interest at 8.02B, up 8.9% over 24 hours. $ETH fell 4.20%, with open interest at 4.43B, down 17.5%. Prices are falling in both cases, but one side is adding leverage while the other is closing positions and exiting.
ETH’s long/short account ratio of 3.10 says even more: retail traders are holding three long positions for every short, yet the price has been slammed to 2,349. The 1h RSI is 30.6 and the 4h is 28.3—despite being this oversold, some traders are still holding on. Positions haven’t turned over, so the downtrend isn’t over yet. 2,318 is the next support level.
On the BTC side, the funding rate is 0.0001%—longs are barely paying anything now. The taker buy/sell ratio is 0.86, so buyers haven’t stepped in either. If 80,226 gives way, there’s relatively little support below.
#BTC #ETH #Open Interest
ETH’s long/short account ratio of 3.10 says even more: retail traders are holding three long positions for every short, yet the price has been slammed to 2,349. The 1h RSI is 30.6 and the 4h is 28.3—despite being this oversold, some traders are still holding on. Positions haven’t turned over, so the downtrend isn’t over yet. 2,318 is the next support level.
On the BTC side, the funding rate is 0.0001%—longs are barely paying anything now. The taker buy/sell ratio is 0.86, so buyers haven’t stepped in either. If 80,226 gives way, there’s relatively little support below.
#BTC #ETH #Open Interest