$NEAR just lost the 4.00 handle, down almost 9% on the day to about 3.87 after a 3.845 low, with roughly $540M traded on Binance perps. That's a real move, not a sleepy bleed.
What caught my eye is open interest. OI in dollars went from about $181M to $191M over the last day while price fell from 4.43. Notional up while price drops that hard means a lot of new contracts, and with global L/S slipping to 1.21 (top accounts 1.45) and funding stuck at 0.01%, it looks like fresh shorts leaning in rather than longs averaging down.
On the NanoTrading Fire chart (4h) the short liquidation heat sits right overhead, first around 4.20-4.30 and then the heavy band at 4.40-4.60. The order heatmap shows ask walls in the same spots, 4.20-4.25 and a thick one near 4.45-4.55. Below 4.00 the bid side is basically empty, only small bids around 3.85-3.90.
My read: if $NEAR reclaims 4.00 on a 4h close, those new shorts are sitting on top of the 4.20-4.30 liq pocket and a squeeze into it is very possible. If 3.85 gives way with no bids underneath, I stay out of the way.
Squeeze back to 4.2 or more downside first on $NEAR ? 🤔
NFA, just how I'm reading it.
Source: NanoTrading Fire chart (nanotradingclub.xyz)
#NEAR #NanoTrading #crypto
What caught my eye is open interest. OI in dollars went from about $181M to $191M over the last day while price fell from 4.43. Notional up while price drops that hard means a lot of new contracts, and with global L/S slipping to 1.21 (top accounts 1.45) and funding stuck at 0.01%, it looks like fresh shorts leaning in rather than longs averaging down.
On the NanoTrading Fire chart (4h) the short liquidation heat sits right overhead, first around 4.20-4.30 and then the heavy band at 4.40-4.60. The order heatmap shows ask walls in the same spots, 4.20-4.25 and a thick one near 4.45-4.55. Below 4.00 the bid side is basically empty, only small bids around 3.85-3.90.
My read: if $NEAR reclaims 4.00 on a 4h close, those new shorts are sitting on top of the 4.20-4.30 liq pocket and a squeeze into it is very possible. If 3.85 gives way with no bids underneath, I stay out of the way.
Squeeze back to 4.2 or more downside first on $NEAR ? 🤔
NFA, just how I'm reading it.
Source: NanoTrading Fire chart (nanotradingclub.xyz)
#NEAR #NanoTrading #crypto
