I just came across the daily candle for $UNI and stared at it for quite a while.
2.73rd percentile.
The low from the previous twenty days, 6.211, has already been crushed. Price is inching along the very bottom of this downswing.
Down 4.237% in 24 hours, while $BTC is down just 0.2% and $ETH is down 0.4%. It’s the one bringing up the rear and getting hit hardest.
Honestly, my first thought was that the bulls were getting out.
But when I checked open interest, I saw that the number of contracts had fallen by only 1.27% in a day.
Notional value was down 6.36%; almost all of that difference came from the price dropping.
The positions haven’t gone anywhere; the money has just lost value.
It’s like the warehouse is still standing, but half the boxes have been taken away and not a single shelf has moved.
The funding rate is still at +0.01%, which means people who want to keep their long positions are still paying to do so. That doesn’t look like an exit.
Long accounts make up 57.16%—everyone’s chips are piled on the same side, and there’s no shortage of people willing to bet on a rebound.
What’s missing is new buying support.
In the twenty days since it fell from 7.822 to 6.148, there hasn’t been a single decent bullish rebound candle. That suggests the selling pressure still hasn’t been fully absorbed.
Trading volume is just over 200 million, which is thin enough to see the bottom of the order book at this scale.
I’m keeping an eye on this level, but I’m not taking action.
What do you all think—keep holding on, or wait until it gets back above 6.211?
#UNI #比特币 #Cryptocurrency
The above reflects my personal trading-system notes and observations of the data. It does not constitute investment advice.
2.73rd percentile.
The low from the previous twenty days, 6.211, has already been crushed. Price is inching along the very bottom of this downswing.
Down 4.237% in 24 hours, while $BTC is down just 0.2% and $ETH is down 0.4%. It’s the one bringing up the rear and getting hit hardest.
Honestly, my first thought was that the bulls were getting out.
But when I checked open interest, I saw that the number of contracts had fallen by only 1.27% in a day.
Notional value was down 6.36%; almost all of that difference came from the price dropping.
The positions haven’t gone anywhere; the money has just lost value.
It’s like the warehouse is still standing, but half the boxes have been taken away and not a single shelf has moved.
The funding rate is still at +0.01%, which means people who want to keep their long positions are still paying to do so. That doesn’t look like an exit.
Long accounts make up 57.16%—everyone’s chips are piled on the same side, and there’s no shortage of people willing to bet on a rebound.
What’s missing is new buying support.
In the twenty days since it fell from 7.822 to 6.148, there hasn’t been a single decent bullish rebound candle. That suggests the selling pressure still hasn’t been fully absorbed.
Trading volume is just over 200 million, which is thin enough to see the bottom of the order book at this scale.
I’m keeping an eye on this level, but I’m not taking action.
What do you all think—keep holding on, or wait until it gets back above 6.211?
#UNI #比特币 #Cryptocurrency
The above reflects my personal trading-system notes and observations of the data. It does not constitute investment advice.
