LINK · 1H · DOWNTREND

The dominant structure here is a clean, sustained downtrend from ~10.80 all the way down to the ~6.80 area — lower highs, lower lows, no ambiguity. What I'm seeing now is a sharp spike low near 6.80 followed by a violent recovery bounce back to ~7.75, which is where price is sitting right now. That bounce has come with elevated volume, but I'm not treating this as a reversal — it looks like a relief rally into the first meaningful resistance zone after a capitulation wick. The macro headlines provided carry no relevant LINK-specific catalyst, so this is pure structure for me.

My read is that this bounce runs into the 7.80–8.00 zone, which is where the prior breakdown accelerated and where I'd expect sellers to reload. Price is right at that ceiling now. I'm not chasing longs here — the trend is down, the bounce is extended from the low, and the risk/reward on a long entry at current price is poor. I'm looking to short this level with the thesis that the relief rally exhausts into resistance and the downtrend resumes.

Setup: SHORT

- Entry: 7.80

- Stop Loss: 8.15

- Take Profit 1: 7.20

- Take Profit 2: 6.80

- Risk/Reward: 1.7:1

- Confidence: MEDIUM