Of the five major coins over the past ten days, only $ZEC is up, gaining 16%. $BTC and $ETH are both down.
Today, though, it’s the one falling hardest, down more than 6%.
The most people piled in on the way up, so the exit gets crowded when it turns around.
Open perpetual positions fell from 479,000 coins to 452,000. As the price dropped 6%, open interest fell 5.8% along with it. Shorts would need to open positions to push the price down, so open interest should be rising.
That didn’t happen this time.
Funding is still positive, so short sellers are getting paid. Who’s getting out?
Longs are closing out on their own.
It’s hard to say where they’ll stop.
The price is stuck between 1230 and 1242.
If it holds above 1242, it could return to yesterday’s low of 1263. If it breaks below 1230, watch 1208.
I’m watching the three candles after 9 o’clock. Volume climbed from over 6,000 to 11,000—the lower it falls, the more people are selling.
Keep an eye on whether it can reclaim 1242 over the next few hours.
#比特币 #Binance Square
Today, though, it’s the one falling hardest, down more than 6%.
The most people piled in on the way up, so the exit gets crowded when it turns around.
Open perpetual positions fell from 479,000 coins to 452,000. As the price dropped 6%, open interest fell 5.8% along with it. Shorts would need to open positions to push the price down, so open interest should be rising.
That didn’t happen this time.
Funding is still positive, so short sellers are getting paid. Who’s getting out?
Longs are closing out on their own.
It’s hard to say where they’ll stop.
The price is stuck between 1230 and 1242.
If it holds above 1242, it could return to yesterday’s low of 1263. If it breaks below 1230, watch 1208.
I’m watching the three candles after 9 o’clock. Volume climbed from over 6,000 to 11,000—the lower it falls, the more people are selling.
Keep an eye on whether it can reclaim 1242 over the next few hours.
#比特币 #Binance Square
