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This is exactly what I was talking about...
But now, the data perspective has changed.
We’ve already retraced around half of yesterday’s move, but this time funding has flipped back significantly positive while OI going sideways.
This tells us that shorts are being closed while perp longs are starting to enter the market again. Yesterday, longs got squeezed completely. Now, after shorts are closing they are reopening their positions, trying to catch the bottom.
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