So, CVX, huh? Been a bit of a rollercoaster, haven't we? That yellow line for CVX price action definitely took us on a wild ride from early October. We had that nice little run-up, then BAM, late October into most of November was a real gut check. The price just slid downhill, a proper cool-off, if you ask me.
And you see those red bars? They were popping off like crazy during that November correction. That's pure selling pressure, shorts getting comfy, or funding rates flipping negative, whatever you want to call it. People were definitely offloading. The green bars, when they did show up, felt more like dead cat bounces than real conviction during that period.
But then things started to stabilize a bit around early December. The price found its footing, pushing up slightly, and those green bars made a more consistent appearance. It felt like some accumulation was happening, maybe some smart money dipping their toes back in.
Now, here's the kicker: that sharp drop around January 3rd? Woof. That was a proper shakeout, flushing out any weak hands who jumped in during the recovery. But hey, it rebounded pretty swiftly, which is a good sign of underlying demand absorbing that shock. The sentiment bars were wild around then – a massive red spike, then some strong green. Classic volatility.
That lower blue line, showing overall interest or perhaps cumulative volume, it's been pretty stable, gradually trending upwards even through the choppier bits. Tells me the core interest in CVX is holding, maybe even growing quietly in the background, which is crucial for any sustained moves. Right now, it looks like we're consolidating after that early Jan bounce. Keep an eye on those green funding bars; if they start consistently outnumbering the red, we could be cooking something.