$IDOL This 15m move dumped 3.44%, with volume reaching 2.68x and net taker flow at -30.3%. The buy/sell ratio was 0.54—the selling pressure is real, not a fakeout.
What’s interesting, though, is that OI barely moved: just -0.01% over 15m and -0.06% over 1h, while notional shrank by a bit over $300K. Price down + OI down looks more like longs deleveraging and stops getting triggered than fresh shorts entering to push the price down.
The closing price has already broken below the lows of nearly 20 recent 5m candles. It ranks #27 in pool-wide anomalies and #20 in notional change, so there’s plenty of activity. 24h trading volume is $66M, and liquidity is fine.
After a breakdown like this on diverging volume and price, I usually don’t rush to chase shorts. First, I look for signs of stabilization after this round of deleveraging is done. Chasing shorts right after longs have just been liquidated can leave you getting smacked by a bounce.
What’s interesting, though, is that OI barely moved: just -0.01% over 15m and -0.06% over 1h, while notional shrank by a bit over $300K. Price down + OI down looks more like longs deleveraging and stops getting triggered than fresh shorts entering to push the price down.
The closing price has already broken below the lows of nearly 20 recent 5m candles. It ranks #27 in pool-wide anomalies and #20 in notional change, so there’s plenty of activity. 24h trading volume is $66M, and liquidity is fine.
After a breakdown like this on diverging volume and price, I usually don’t rush to chase shorts. First, I look for signs of stabilization after this round of deleveraging is done. Chasing shorts right after longs have just been liquidated can leave you getting smacked by a bounce.