$BEAMX saw a 3.7x surge in 15m volume as it got hammered lower. It looks nasty, but the structure is still fairly clean—the price fell and OI dropped along with it, with notional change at -2.3%. This looks more like longs deleveraging and stopping out than new shorts entering to push the price down. The taker flow delta was -19.8%, and the buy/sell ratio was 0.67, so the selling pressure is real. The close also broke below the low of the last 20 5m candles.
But the OI anomaly percentile has already hit 96.4%, ranking #7 across the entire pool. An extreme reading like this, combined with a drop in OI as the price falls, often means leverage has been squeezed out to a large extent. 24h trading volume is 48M, and the order book depth isn’t too thin. First, watch whether price can quickly reclaim the lower end of this range; if it can’t, then consider the next level.
But the OI anomaly percentile has already hit 96.4%, ranking #7 across the entire pool. An extreme reading like this, combined with a drop in OI as the price falls, often means leverage has been squeezed out to a large extent. 24h trading volume is 48M, and the order book depth isn’t too thin. First, watch whether price can quickly reclaim the lower end of this range; if it can’t, then consider the next level.
