B2 is down 42.2% with LSK moving alongside it, Layer 2 falling as a group. Microcap: thin liquidity, moves easily faked.
B2 trades at $0.4751 after underperforming BTC by 40.9 points as BTC fell 1.3%. Open interest dropped 44% in 24 hours on volume 6.9 times its 7 day average, which points to longs being flushed out rather than fresh selling pressure.
A drop this size paired with falling open interest usually means forced liquidations did the damage rather than a steady wave of new sellers. If open interest keeps falling from here without price stabilizing, that flush is still working through the market. If open interest stops dropping and price holds, the forced selling has likely run its course for now.
What would make this wrong: If open interest turns higher again while price keeps falling, that would mean new shorts are driving this rather than a liquidation flush, and the read above would be wrong.
Were you holding B2 or LSK into this, or watching Layer 2 from outside?
Not advice.
Send me a chat with the word CHECK and I will send you the tool that sizes a trade on B2.
Follow for the levels that matter, every day.
$B2
#TradingPsychology #Crypto #CreviaCockpit
B2 trades at $0.4751 after underperforming BTC by 40.9 points as BTC fell 1.3%. Open interest dropped 44% in 24 hours on volume 6.9 times its 7 day average, which points to longs being flushed out rather than fresh selling pressure.
A drop this size paired with falling open interest usually means forced liquidations did the damage rather than a steady wave of new sellers. If open interest keeps falling from here without price stabilizing, that flush is still working through the market. If open interest stops dropping and price holds, the forced selling has likely run its course for now.
What would make this wrong: If open interest turns higher again while price keeps falling, that would mean new shorts are driving this rather than a liquidation flush, and the read above would be wrong.
Were you holding B2 or LSK into this, or watching Layer 2 from outside?
Not advice.
Send me a chat with the word CHECK and I will send you the tool that sizes a trade on B2.
Follow for the levels that matter, every day.
$B2
#TradingPsychology #Crypto #CreviaCockpit
