Bitunix EIDO perp (iShares MSCI Indonesia ETF) gave back its whole opening pop and keeps topping near 10.45, fading rallies

EIDO is the iShares MSCI Indonesia ETF, a basket of the biggest listed Indonesian companies, led by the large banks plus telecom and consumer names. Bitunix launched a USDT-margined EIDO perpetual at 4:00 AM ET today, with up to 20x and funding every 8 hours. It is a rare way to take a view on Indonesia with USDT margin.

Bitunix snapshot, 6:55 PM ET

• Last 10.34 against a 10.66 open, down about 3% on the day.
• 24h range 10.19 to 10.67.
• 24h volume about 49.2K USDT.
• Funding close to flat, very slightly negative.

1h structure

The first-hour spike from 10.66 faded completely. Since then the hourly closes have stayed inside 10.27 to 10.38, and the hourly highs keep stalling at 10.43 to 10.45. The last four hours closed at 10.30, 10.34, 10.28 and 10.32, so there is no sign yet of buyers taking back the open.

Bias: SHORT

Rallies into 10.43 to 10.45 are the area to sell, with 10.26 as the first target and the 10.19 day low after that.

Invalidation: a 1h close above 10.49.

Jakarta is closed for the night and the book is thin, so a single order can swing this. Size small.