LINK · 1H · DOWNTREND

The short from my October 5 read triggered cleanly — confirmation came on the close below 14.10, both targets at 13.50 and 13.03 hit, and that move is fully spent. Price has since broken down hard from the 13.00 area, printing a sequence of lower highs and lower lows across the Oct 13–15 window with every EMA stacked bearishly: the 9 at 12.16, 20 at 12.30, 50 at 12.56, and 200 at 12.86 all declining and above price. The daily trend is sideways, so I'm not calling a full breakdown in absolute terms, but on this 1H structure the path of least resistance is still lower. The CCIP 2.0 release that catalyzed the earlier bounce hasn't changed the price reality — down 5.8% from that event and the token is sitting near the 12.00 psychological area with no structural base built yet.

Price is at 12.10 right now, having briefly pierced 12.00 before recovering slightly. The liquidation cluster at 11.80 below is a near-term magnet — the 12.00 area hasn't produced any meaningful bullish structure yet, just a small chop. For a new short, I'm not chasing into the 12.00 breakdown from here; mid-range entries between levels give me nothing. I'm watching for a relief bounce into the declining EMA cluster — the 9/20 are running together around 12.16–12.30 and dropping — where a rejection with a close back below 12.10 re-confirms the lower-high sequence and hands me a clean entry with room to the cluster below. Earnings aren't until Nov 5, well outside the next week's structure, so that's not a factor in this setup.

Funding at 0.01% per 8h is a mild long-side lean — not extreme enough to call a squeeze, but it does mean any sharp move lower gets extra fuel from liquidations. The cluster at 11.80 is the primary magnet below, then 11.52.