DOT · 1H · DOWNTREND

Structure is clear: lower highs and lower lows from the August 5 peak at 0.870 down to current price at 0.775. Every bounce has been sold — the rally from late July to early August topped out, and since then it's been a staircase lower. Price is now sitting right at the current lows, and there's no sign of demand stepping in with conviction. I'm not looking for a long here — the dominant structure is bearish and I'm not fighting it.

The negative funding rate is the one complicating factor. Shorts are paying longs at -0.0125% per 8h, which means the crowd is leaning short. That creates fuel for a squeeze if price finds a reason to rip, and there's a dense liquidation cluster just above at 0.7925 that would hoover up those shorts in a hurry. But squeeze risk alone doesn't flip the structure — I need a structural reason to get long, and I don't have one yet. The short side is where I'm positioned in terms of bias, but I'm not chasing a breakdown at these lows with fresh momentum — I'm waiting for a bounce to resistance.