$ON An afternoon rebound reached the daily high of 0.2021 but failed. From 17:00, a second waterfall sell-off broke through yesterday’s low of 0.1362, with a low of 0.1005. Contract positions increased during the decline, and account longs crowded back to around 67%. Best not rush to buy the dip yet.
From 14:00 to 15:00, about 16.27 million U was spent pushing the price up to 0.2021. At 17:00, about 11.8 million U in a single hour drove it down from 0.1735 to 0.1241. At 17:50, a five-minute candle with about 3.18 million U in volume broke below yesterday’s low. At 23:00, the price hit a daily low of 0.1005; it is now around 0.111. The 24-hour change is about -27.6%, with trading volume around 119 million U.
OI contract count rose from about 63.18 million at 17:00 to about 71.81 million by 22:00; positions were added during the drop, with no capitulation. The account long ratio climbed from around 60% during the rebound back to around 67%. Large traders are about 62% net long, and the funding rate remains around 0.005%. To confirm a bottom, watch for strong volume holding 0.1005 and a move back above 0.136. If strong volume breaks 0.1005 again while contract positions keep rising, this round of support has failed.
Are the longs who caught the falling knife last night coming back in this round?
#ON反抽失败 #Second drop, OI rises as positions are added
From 14:00 to 15:00, about 16.27 million U was spent pushing the price up to 0.2021. At 17:00, about 11.8 million U in a single hour drove it down from 0.1735 to 0.1241. At 17:50, a five-minute candle with about 3.18 million U in volume broke below yesterday’s low. At 23:00, the price hit a daily low of 0.1005; it is now around 0.111. The 24-hour change is about -27.6%, with trading volume around 119 million U.
OI contract count rose from about 63.18 million at 17:00 to about 71.81 million by 22:00; positions were added during the drop, with no capitulation. The account long ratio climbed from around 60% during the rebound back to around 67%. Large traders are about 62% net long, and the funding rate remains around 0.005%. To confirm a bottom, watch for strong volume holding 0.1005 and a move back above 0.136. If strong volume breaks 0.1005 again while contract positions keep rising, this round of support has failed.
Are the longs who caught the falling knife last night coming back in this round?
#ON反抽失败 #Second drop, OI rises as positions are added
