Structurally, $BTW 's contract data and price have diverged (open interest down, price up): over 24 hours, open interest fell 17.07%, while the price rose 3.16%; the current price is 1.8957.
Watch two things from here:
First, whether open interest recovers—a recovery could indicate new longs entering. Second, whether the price starts to lose momentum. If open interest keeps falling while the price struggles to rise, short covering is probably close to running its course.
Watch two things from here:
First, whether open interest recovers—a recovery could indicate new longs entering. Second, whether the price starts to lose momentum. If open interest keeps falling while the price struggles to rise, short covering is probably close to running its course.