$BAT took a pretty hard hit this time, down 1.66% in 15m, with volume surging to 3.66x. Aggressive sell orders clearly dominated, and the buy/sell ratio was 0.55.
The key thing is that OI was also dropping at the same time: -1.46% in 15m and -1.47% in 1h, with notional value shrinking by two or three thousand dollars. The OI anomaly percentile has already reached 94.4%. Price down + OI down is a classic sign of long deleveraging; stop-loss orders got swept out in a round.
The close also broke below the lows of the last 20 or so 5m candles. This level was already the boundary of the recent range, so now that it’s broken, we need to see whether price can quickly reclaim it. Abnormal volume + continuously contracting OI is generally not a good sign, though it could also be a shakeout.
I’ll watch for now and won’t rush to buy the dip.
The key thing is that OI was also dropping at the same time: -1.46% in 15m and -1.47% in 1h, with notional value shrinking by two or three thousand dollars. The OI anomaly percentile has already reached 94.4%. Price down + OI down is a classic sign of long deleveraging; stop-loss orders got swept out in a round.
The close also broke below the lows of the last 20 or so 5m candles. This level was already the boundary of the recent range, so now that it’s broken, we need to see whether price can quickly reclaim it. Abnormal volume + continuously contracting OI is generally not a good sign, though it could also be a shakeout.
I’ll watch for now and won’t rush to buy the dip.
