Everyone, this candle on $VVV dropped more decisively than I expected.
Over 24 hours: -11.175%. Price is 19.188, after closing yesterday at 20.986.
Honestly, I thought I was seeing it wrong at first. I checked the daily chart twice before I was sure.
The low over the previous 20 days was 19.62. The current price has now fallen below it.
Recalculating the daily range: 28.357 to 18.31. The current price is only at the 8.74th percentile.
This isn't a pullback.
I'm watching the open interest column.
Over 24 hours, the contract count fell just 3.38%, while the notional value fell 13.96%.
The price drop is reflected almost entirely in the notional value, while the number of contracts held has barely changed. That suggests these positions haven't really been closed.
The positions are still weighing on the market. No one's moved.
Daily ATR is 11.66%. In this kind of volatility, nowhere is truly safe.
On the same day, $BTC was down 1.718% and $ETH was down 3.827%. The broader market was just drifting lower, while this one jumped down on its own.
Trading volume was 41.66 million. Liquidity is sufficient, but liquidity has never meant there will be buyers to catch the fall.
I read this as a narrative losing steam, with the fresh money that piled in earlier now taking profits.
Only 39.28% of accounts are long.
At this point, I'm going to pay less attention to it.
It's like goods being hauled away from a warehouse entrance. The question is, who's left standing guard?
I'm not guessing where the bottom is.
Is 19.188 the floor?
What do you all think of this move? Let's discuss in the comments.
#VVV #比特币 #Crypto
The above is a record of my personal trading system and observations of market data. It does not constitute investment advice.
Over 24 hours: -11.175%. Price is 19.188, after closing yesterday at 20.986.
Honestly, I thought I was seeing it wrong at first. I checked the daily chart twice before I was sure.
The low over the previous 20 days was 19.62. The current price has now fallen below it.
Recalculating the daily range: 28.357 to 18.31. The current price is only at the 8.74th percentile.
This isn't a pullback.
I'm watching the open interest column.
Over 24 hours, the contract count fell just 3.38%, while the notional value fell 13.96%.
The price drop is reflected almost entirely in the notional value, while the number of contracts held has barely changed. That suggests these positions haven't really been closed.
The positions are still weighing on the market. No one's moved.
Daily ATR is 11.66%. In this kind of volatility, nowhere is truly safe.
On the same day, $BTC was down 1.718% and $ETH was down 3.827%. The broader market was just drifting lower, while this one jumped down on its own.
Trading volume was 41.66 million. Liquidity is sufficient, but liquidity has never meant there will be buyers to catch the fall.
I read this as a narrative losing steam, with the fresh money that piled in earlier now taking profits.
Only 39.28% of accounts are long.
At this point, I'm going to pay less attention to it.
It's like goods being hauled away from a warehouse entrance. The question is, who's left standing guard?
I'm not guessing where the bottom is.
Is 19.188 the floor?
What do you all think of this move? Let's discuss in the comments.
#VVV #比特币 #Crypto
The above is a record of my personal trading system and observations of market data. It does not constitute investment advice.
