“The trend is bullish; the pullback is just a breather”? $IDOL is the first to challenge that:
Over the past 6 hours, the price fell 3.48% compared with the previous period. Oof~.
Over that same 6-hour period, open interest rose 3.08% compared with the previous period.
From Burry’s perspective, falling prices and rising open interest hint at leverage risk, but the direction of the new positions is unclear.
From Cathie Wood’s perspective, the bullish trend still supports a continuation.
This counterevidence softens my bearish view to mild, while the overall technical signals are merely neutral.
I’m more inclined to think that leverage pressure still needs to be worked off, while stronger buying support is still a ways off.
Calling rising open interest “building strength”—pfft~—is like loading luggage into an elevator that’s going down.
Here’s the fork in the road to watch:
If it falls below 0.0184, I’ll continue to lean bearish.
If it rises above 0.0275, I’ll drop my bearish view and admit I got it wrong.
Do you think the 3.08% increase is a burden on the downside, or confidence in buying support?
#IDOL #Technical Analysis
Data from Binance’s publicly available market data. This is not investment advice.
Over the past 6 hours, the price fell 3.48% compared with the previous period. Oof~.
Over that same 6-hour period, open interest rose 3.08% compared with the previous period.
From Burry’s perspective, falling prices and rising open interest hint at leverage risk, but the direction of the new positions is unclear.
From Cathie Wood’s perspective, the bullish trend still supports a continuation.
This counterevidence softens my bearish view to mild, while the overall technical signals are merely neutral.
I’m more inclined to think that leverage pressure still needs to be worked off, while stronger buying support is still a ways off.
Calling rising open interest “building strength”—pfft~—is like loading luggage into an elevator that’s going down.
Here’s the fork in the road to watch:
If it falls below 0.0184, I’ll continue to lean bearish.
If it rises above 0.0275, I’ll drop my bearish view and admit I got it wrong.
Do you think the 3.08% increase is a burden on the downside, or confidence in buying support?
#IDOL #Technical Analysis
Data from Binance’s publicly available market data. This is not investment advice.
