INJ · 1H · DOWNTREND

The invalidation on my last read was touched at 7.85 — that setup is done, and I'm starting clean from the failure. Price ran from the 9.40 highs all the way back down through 8.30, through my 7.90 invalidation, and is now sitting at 8.024 after a partial bounce. The structure on this 1H chart is a sequence of lower highs off that 9.40 peak — 9.40, then 9.18 or so, then 8.88, then the current action — and the daily uptrend is the only thing keeping me from leaning hard short. That means any short here is counter-trend and needs a higher bar. What I see is price chopping between the 7.80–8.08 cluster zone below and the 8.30 level above, with no clean structure to key off at the current 8.024 price — I'm not taking anything from mid-range here.

There's something worth noting in the derivatives: funding is slightly negative at -0.0017% per 8h, meaning shorts are paying longs. That's not extreme, but it tilts positioning toward short-side crowding — a squeeze toward the dense cluster at 8.08 and then 8.33 is plausible if buyers step in. I'm not trading that squeeze from here, but it shapes my targets if a setup materializes.

The only setup I'd genuinely consider is a pullback entry aligned with the daily uptrend. If price pulls into the 7.71–7.80 cluster zone — which lines up with the dense liquidation bands below — and then reclaims structure, that's where I start paying attention.