$ORDER This rally is pretty interesting: the price is up 1 point, but OI has been falling throughout this period—down 2.9% over 15m and 3.18% over 1h, with notional value dropping by over a hundred thousand U. Put simply, it looks more like shorts covering than new longs entering. The taker volume imbalance is -34.2%, and the buy/sell ratio is 0.49, so selling pressure is still heavier.
Volume has picked up, though—2.68x, with an anomaly percentile of 95.8%, ranking #5 across the entire pool. This has continued for several consecutive periods and is nearing the historical extreme range. I wouldn’t feel comfortable chasing this kind of setup; the rally seems a bit flimsy. I’d wait until OI stabilizes before taking another look.
Volume has picked up, though—2.68x, with an anomaly percentile of 95.8%, ranking #5 across the entire pool. This has continued for several consecutive periods and is nearing the historical extreme range. I wouldn’t feel comfortable chasing this kind of setup; the rally seems a bit flimsy. I’d wait until OI stabilizes before taking another look.