Maybe we don’t bottom today but I had fun throwing my 50 cents to liquidate bears at 0.165.
Even if you’re not a specialist you can see the short/long ratio is imbalanced.
Just imagine what happens when we reclaim 0.1710. I can already see tears in bear eyes.
Buying here not for profit, but purely for the culture. I want to see Binance perma-bears get evaporated, their liquidation candles painting the chart like bloodstains on marble floors. I want to hear the hollow silence when 0.165 gets tapped and the shorts disappear into the…
$USELESS bears become very greedy. Similarly how people might become delusional when the price soars, bears think Useless goes to zero. If the price goes above 0.160, $340k shorts get liquidated, meaning they will need to close the positions and BUY the asset.
Interestingly, Binance is net short, while OKX and Bybit are mostly long.
If the price breaks below 0.1510, $822k will be liquidated and we might have long squeeze.
So this what $USELESS chart looks like since Binance perps listing. Price bleeding down while OI climbed (shorts piling in) and volume dried up.
One big green candle on high volume and it’s over → shorters get sent to Valhalla in a liquidation cascade
While I'm bullish on Useless long term, I don't like the OBV. Maybe twitter KOLs will see 0.150 after all (though they won't buy as they earn money by posting and not trading). I was wrong about the price action two times in a row, so hopefully I will be wrong this time too.
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