ADA · 1H · DOWNTREND

Price spiked down to 0.1827 and has ripped back up to 0.1920, nearly perfectly into the confirmation zone I published in my last read. The rally to 0.1932–0.1992 hasn't quite touched the zone yet — the high since that read is 0.1926, one pip inside the lower edge — but price is pressing on it right now with the forming candle. The EMA 200 sits at 0.1917, the EMA 9 and 20 have coiled together around 0.1900–0.1907, and price is pushing right into the confluence of those MAs and the rejection zone simultaneously. The daily trend is down, the structure on this 1H chart is a series of lower highs from above 0.1950 all the way into the low, and this bounce is a classic dead-cat retest of overhead. I'm watching for the zone to trade and then a 1H close back below 0.1920 — that's the trigger from my prior read and nothing about the chart has changed structurally to abandon it. The low-side liquidation cluster at 0.1882 already traded during the spike down, so it's not a magnet anymore; the next dense cluster below sits at 0.1720, which remains my primary target. Funding is mildly long-biased at 0.0100% per 8h — not extreme, but the crowded side is long, and a squeeze into the zone fits that positioning perfectly.