INJ · 1H · DOWNTREND
The short setup from my last read is still the live scenario — price has not reached the 7.40–7.58 entry zone since I published it, and nothing structural has changed to invalidate the thesis. The daily context is sideways, the 1H structure is a series of lower highs from the 8.30 peak, and price just tagged 7.00 before bouncing weakly to 7.13. That bounce has no confirmation behind it — no reclaimed level, no close above anything meaningful. The short-side bias in funding (shorts paying longs at -0.004% per 8h) is a mild squeeze risk on the way up, which actually supports the two-step setup: let the squeeze carry price into the zone, then fade the rejection.
SHORT (CONTINUATION OF PRIOR READ) SCENARIO
Confirmation
7.40
On a rally to the 7.40–7.58 zone, a 1H close back below 7.40 confirms the rejection — the 7.40 dense cluster is the first magnet and the level the close must fail beneath.
Invalidation
7.74
A 1H close above 7.74 — that reclaims the next dense cluster above and signals the bounce has structural legs.
Target 1
6.92
Dense liquidation cluster below, first structural magnet and where I expect the initial stall; 6.97 cluster just above it gets swept on the way.
Target 2
6.77
Next cluster below, extended target if 6.92 clears with momentum.
Resistance: 7.40 / 7.58 / 7.74
Support: 6.97 / 6.76
This is not financial advice. Content is AI-generated.