$BMT This rally has been pretty aggressive. Volume picked up at 11:00, then at 12:00 it exploded, jumping from 0.022 to around 0.0237. It was still holding near the top at 13:00, and the RSI had already climbed into the low 80s.
Funding rates are deeply negative, so shorts are paying longs; OI value rose from about 2.8 million to 3.27 million over 24 hours, and the number of contracts is also increasing. This looks more like a short squeeze than a low-volume drift down. The current price is above the trendline, but it’s very overbought. Still, don’t chase it—the day’s high of 0.0243 is a level to watch. If it breaks below 0.023, the base of this rally, the move will probably fizzle out.
Not investment advice—do your own chart analysis.
#BMT #Futures
Funding rates are deeply negative, so shorts are paying longs; OI value rose from about 2.8 million to 3.27 million over 24 hours, and the number of contracts is also increasing. This looks more like a short squeeze than a low-volume drift down. The current price is above the trendline, but it’s very overbought. Still, don’t chase it—the day’s high of 0.0243 is a level to watch. If it breaks below 0.023, the base of this rally, the move will probably fizzle out.
Not investment advice—do your own chart analysis.
#BMT #Futures
