After yesterday’s huge $TUT sell-off, I saw someone post that the move was already over.
I replied that I thought there could still be more downside. The main thing that caught my attention was the unusually steady OI.
Normally, when longs and shorts are relatively balanced, a $60M short-side move should have a clearer impact on price. Since the price didn’t fall as much as expected, it looked more like both longs and shorts were being unwound, followed by a large long liquidation that added even more selling pressure.
That kind of liquidation-driven move also explains why we often see sudden spikes on major exchanges. Binance, however, tends to look relatively smoother.
Just my read on the market — always DYOR and manage your risk. #TUT
I replied that I thought there could still be more downside. The main thing that caught my attention was the unusually steady OI.
Normally, when longs and shorts are relatively balanced, a $60M short-side move should have a clearer impact on price. Since the price didn’t fall as much as expected, it looked more like both longs and shorts were being unwound, followed by a large long liquidation that added even more selling pressure.
That kind of liquidation-driven move also explains why we often see sudden spikes on major exchanges. Binance, however, tends to look relatively smoother.
Just my read on the market — always DYOR and manage your risk. #TUT