$MEGA reading: Price isn’t the whole story
The key focus today is the balance of supply and demand near the price.
The opportunity balance combines momentum and liquidity, while deducting execution friction: limited momentum isn’t enough on its own to build a trade, and execution costs are relatively low.
Market details:
• Perpetuals are trading at a discount to spot of about -0.06%.
• Reference price: 0.0473 USDT.
• The spread between the best bid and ask is 2.1 basis points.
• Trade pressure leans toward sellers, at -20.31.
The better approach is to wait for the next move to confirm the direction rather than chase the current price.
The current bias is bearish, with high confidence.
What we’re watching next: whether the price trend continues while flow and liquidity or positioning remain supportive.
When would we walk back this reading? If flow reverses or a conflict emerges between price, liquidity, and positioning.
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