Very welcome correction that flushed around 9B in open interest from the Futures. A drop of around 40% from the local high.
This is good news considering that massive rejection we got around 42k.
Now we need to be aware that there is ongoing downtrend and momentum pressure but structurally speaking and from the what we can observe in the futures is looking good.
It's is possible we retest the lows once against, including quick tap into 39-41, but I see PA remaining above 54k as a good thing.
A lot of the sell volume god absorbed. in the spot markets since books were dense. But main looser was defiantly the Futures markets where some contracts even briefly went to backwardation.
This is good news considering that massive rejection we got around 42k.
Now we need to be aware that there is ongoing downtrend and momentum pressure but structurally speaking and from the what we can observe in the futures is looking good.
It's is possible we retest the lows once against, including quick tap into 39-41, but I see PA remaining above 54k as a good thing.
A lot of the sell volume god absorbed. in the spot markets since books were dense. But main looser was defiantly the Futures markets where some contracts even briefly went to backwardation.
D7R
