$PONS This pullback isn’t particularly severe, but the structure looks pretty ugly.
On the 15m chart, price directly broke below the lower edge of the most recent ~20 5m K lines. Volume expanded to 1.84x, and the buy/sell ratio is only 0.58. Aggressive (taker) trading is clearly biased to the downside. The key point is that OI didn’t get pushed upward—instead, it contracted slightly: 1h nominal −0.03%, 15m −0.80%, and the overall pool’s nominal change ranks relatively high ( #23 ).
This looks more like long liquidation/deleveraging, not fresh shorts entering to smash the market. Stops, position reduction, passive contraction—pushing the price downward step by step.
In the past 24h there’s still 107M in turnover holding it up, but at this level the risk-reward of chasing shorts is just so-so. Wait for OI to stabilize and for aggressive trading to turn positive before reconsidering—don’t rush to grab the falling knife.
On the 15m chart, price directly broke below the lower edge of the most recent ~20 5m K lines. Volume expanded to 1.84x, and the buy/sell ratio is only 0.58. Aggressive (taker) trading is clearly biased to the downside. The key point is that OI didn’t get pushed upward—instead, it contracted slightly: 1h nominal −0.03%, 15m −0.80%, and the overall pool’s nominal change ranks relatively high ( #23 ).
This looks more like long liquidation/deleveraging, not fresh shorts entering to smash the market. Stops, position reduction, passive contraction—pushing the price downward step by step.
In the past 24h there’s still 107M in turnover holding it up, but at this level the risk-reward of chasing shorts is just so-so. Wait for OI to stabilize and for aggressive trading to turn positive before reconsidering—don’t rush to grab the falling knife.