INJ · 1H · DOWNTREND

The previous short from the 5.20–5.24 zone hit Target 1 at 4.93 — that's a completed move and I'm treating it as such. What the chart shows now is a full recovery from that 4.93 low all the way up through 6.70+ before sellers came back hard, printing a sharp sequence of lower highs from that swing peak down through 6.44, 6.20, 5.90, and now price is sitting at 5.972 — mid-range inside the broader pullback structure. The bounce off the 5.80 area brought price back up to the 6.00 zone, but that's exactly where I'd expect sellers to reload — prior support-turned-resistance, round number, and the first dense liquidation cluster sits at 6.12 right above. I'm not long here. The structure from the 6.70+ high is a clear sequence of lower highs and lower lows, and this bounce into 6.00 looks like a retest of broken structure, not a reversal. The news context is irrelevant to INJ specifically — those headlines describe Chinese capital injections into state banks, no direct read-through to this asset.

The funding rate at 0.01% per 8h is mild long-side bias — longs are paying, but not extreme enough to trigger a squeeze by itself. The liquidation cluster at 5.92 just below current price is already in play and likely contributed to the bounce from 5.82 — that fuel is partially spent. The next meaningful cluster to the downside is 5.65, then 5.33. Above, clusters at 6.12, 6.44, and 6.64 act as magnets and potential stopping points on any continuation higher.