First, let’s see where the money is flowing. I’d put a question mark next to this bullish candle.
I’ll put the conclusion first: SOXS has a somewhat bullish structure, but it’s not confirmed yet, so I’m not betting on a direction at this level. It’s up +7.17% today, currently at 50.09, just -0.9% below the 24-hour high. Trading volume is $1.085 billion, so volume has picked up.
I’m only picking two reasons. First, the taker buy/sell ratio is 1.075, with taker buy orders clearly outweighing sells. That’s a short-term bullish signal, but it’s not confirmed yet. Second, open interest is up 7.5% over 3 hours, meaning positions are increasing and new money is coming in. These two signals point in the same direction: funds are pushing the market, not that the price is guaranteed to rise.
The key levels come down to two numbers. If it breaks above 50.52, I’ll turn bullish—that means buyers are willing to step in after the resistance is broken. If it falls below 49.3, I’ll turn bearish—that means this volume spike was a fake-out, and anyone who chased it is now stuck. In between, the structure hasn’t converged yet, so I’m not making a call.
Are you holding this coin? What’s your cost basis? Let’s talk in the comments.
I’ll call the direction, and I’ll own the wins and losses. If I’m wrong, I’ll admit it in the next post.
—— Where the Money Flows · Post No. 3 today. If I’m wrong, I’ll own it in the next post.
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