An orderbook imbalance of 50% on $BTC at 1-2% depth.
Previously, when there was a 50% ask imbalance, price started trending down.
Once again we have witnessed a 50% ask imbalance.
Retail is quite long on $BTC
76% of accounts that in a position on BTC on Binance are net long.
In the last 24hrs, we went from 71% of accounts in a long to now 76% 👀
$BTC leverage used by longs and shorts
We see that longs are taking more leverage than shorts.
When the delta between them exceeds +10 (long lev > short lev), it is highlighted in green.
When it falls below -10 (short lev > long lev), it is highlighted in red.
$ETH sweeping the liq level 🧲
Look at the next sets of high leverage liquidity zones.
The 2240-2265 liquidity cluster is building rapidly, but a larger liq cluster is above the 2600-2640 level.
Our liquidation levels model were never as accurate in predicting liquidations on FTX as other exchanges.
This is why (despite user requests) we never added FTX.
This whole time, Alameda (one of their biggest MM) was trading liquidation free!
All makes sense now…
On the 1H timeframe, analyzing $BTC with Combined Books at 0-1% and 1-5% spot orderbook depth.
Low orderbooks often signal the rally's bottom, followed by a bullish trend.
Keep an eye out to spot the reversal in price with low orderbooks.
We can see a strong orderbook imbalance of 70% in $ETH at 1-2% depth.
Previously, when there was a 70% Bid imbalance, Price marked the bottom and started trending up.
Once again, we are witnessing a 70% Bid imbalance.
$BTC orderbook depth imbalance continues in this consolidation period.
The bid ask ratio is flashing signals of exceeding -10% imbalance, which means there are more asks than bids within 5% of the current price (depth).
These have been historically bearish
Both sets of previous liq zones swept 🧲
Next set of high leverage liquidity as we go into the weekend.
While, the 61300 - 61400 liquidity is building fast, there is a larger liq accumulation around 56900 - 57300 cluster
Great educational stream
@crypto_iso
@Trader_XO
-- covering how to use hyblock liquidation levels in confluence with technical analysis along with many other things
*Liquidation Heatmap Update*
• Aggregation View on multiple exchanges. Users can now aggregate (sum) on binance, bybit, and bitmex.
• New Coin -- ETH liq heatmap is now supported
• Mobile Optimization
Orderbook Bid Ask Ratio (BAR) comparing Binance spot vs Binance futures.
Interesting to see when orderbook data between binance futures and spot is diverging versus converging/confluence.
Note: when both books were stacked negatively on bid ask ratio, local top was formed
With a recent spike above 60k, we saw most of the high leverage (L1 & L2) $BTC liquidation cluster get taken.
However, a liquidity cluster is sitting at the $60.4k zone an area that may also have stop losses. Keep an eye out for some more liquidity hunting 👀
74.4% of retail accounts are in a long position on Binance, despite the recent price drop.
Close to the highest value over the last 90 days
Over the last 24 hours, retail has increased their long% (by 1.83%), while whales have decreased their long% (by -1.34%)
$ETH CVD Divergence
Price is making equal highs while CVD makes lower highs.
Typically, if the orderbook depth remains constant, you'd expect prices to create lower highs as well.
1/ 'Exit liquidity' is a common term being thrown around a lot these days.
You know what goes hand in hand with exit liquidity? Slippage.
Users can now track slippage either for an individual exchange or aggregated across multiple exchanges.
Let's dive into an example...
Net Positions Heatmap
(1) We see price drop shaking longs off the train.
(2) Once longs are shaken off, price starts to rise
(3) Longs then start to "fomo" into positions, chasing price
(4) This marks the top, and price drops again, until once again longs are shaken off
Global Accounts Long% on Binance is now 75.66%, implying that 75.66% of accounts (in a position on BTC) are in a long.
Over the last 365days, this a massive outlier (pretty much the yearly high).
Historically, there have been 16255 occurrences out of 209221 (on the 5m
Market makers (MMs) often operate at the best ask & best bid price level.
We track MM supply/demand by looking at the orderbook data (bids & asks). Specifically at the quote level.
Interestingly, both Spot and Perp MMs (Binance) were slowly increasing bid pressure prior to the
While both longs and shorts have been gradually using more leverage, shorts are extremely leveraged
Over the last 6 months, these specific conditions have occurred in 2889 out of 51838 occurrences
Notable:
next day is bearish on average
next 3–7 days is bullish on average
Cumulative Long Short Delta (CLSD) Update as the weekly close approaches:
(1) Binance Coin-M: Both Longs & Shorts remain flat with a short imbalance.
(2) Binance USD-M: Shorts remain flat, but Longs are decreasing significantly. Short imbalance increasing.
(3) Bitmex: Longs
71% of accounts are in a net long on Binance.
In the last 3months, 71% is a big outlier (99th percentile) -- in other words, it has been lower 99% of the time 👀
When we filter for values over 70%, price tends to drop more than usual over the next 3 days (via stat analyzer)
$BTC leverage used by longs and shorts
We see that longs are taking more leverage than shorts.
When the delta between them exceeds +10 (long lev > short lev), it is highlighted in green.
When it falls below -10 (short lev > long lev), it is highlighted in red.
Keep an eye on the spot orderbooks (OB) as they can reveal which way supply/demand is leaning.
Here, we look at two different depths on the OB:
[1-2%] & [2-5%] to see which side passive orders favor (bids or asks)
Ask Imbalances (Red): Supply > Demand
Bid Imbalances (Green):
The global bid ask ratio recently flipped positive (global bids > global asks)
GBAR provides a view of the *spot* orderbook data aggregated across 1100+ tickers (essentially the entire spot crypto universe)
The last time this was green? Aug 2023 - Oct 2023
Keep an eye on the global accounts long% and $BTC price
Price generally moves inverse to the way accounts on binance position themselves.
We will be releasing a detailed research report on global accounts long% metric later this month to all users
(1) We see price increase and longs chasing [this marks the top]
(2) Price drops right away until longs are shaken off
(3) Previous long entry serves as resistance
(4) longs try chasing again -> again creating local top
(5) price drops until longs are shaken off, again
We are down quite a bit, but retail is still favoring long positioning.
70.25% of accounts on Binance are currently in a net long on BTC. Just 24 hrs ago, this was 57%.
In other words they continue they continue trying to buy the bottom
After taking the $15.4K liquidity zone, there was a nice bounce.
Current $BTC liquidation heatmap (low and high timeframe)
LTF: liq zones based on last 12 hrs
HTF: liq zones based on last 3 months
Just to provide some context on the word "squeeze" on the last tweet. Some traders are assuming that if open interest is increasing during the price rise, then a short squeeze is not possible.
In this long-form post, we will explain why it is naive to assume this, how OI works,
The bot tracker indicator identifies bot-like numbers at a high frequency (ie. a market order of size 107633 that occurs 8 times in a minute).
An interesting pattern on coinbase:
- Increased bot activity on the buy side tends to drive price up.
- Increased bot activity on the
We see in this period that any obvious sign of entry is being hunted.
Here is a perfect example of Longs entering in $BTC on an up-trend that later got hunted.
$BTC
What I'm planning to trade next will be to wait for a deviation above 200EMA 4h tf to grab that liquidity.
That's where I plan to build my shorts.
Liq Heatmaps
$BTC swept a big cluster. some liqs remaining below but large liquidity is building above
$ETH also swept a big cluster and a much cleaner sweep, perfectly marking the bottom of that wick
$BTC CVD Divergence
Price is making equal highs while CVD makes lower highs.
Typically, if the orderbook depth remains constant, you'd expect prices to create lower highs as well
$BTC leverage used by longs and shorts
We see that the value for delta is +0.49, which means the Average leverage used for longs & shorts is almost equal.
Previously, when the delta went below the +2 value (highlighted in red), an uptrend arrived.
Watch out for the action
📊 On the 4H timeframe, analyzing BTC/USDT with Combined Books at 0-1% and 1-5% spot orderbook depth, high orderbooks often signal the rally's peak, followed by a bearish trend.
Combined Books represent bids + asks (passive limit orders)