PEPE · 1H · DOWNTREND

My previous short read was stopped out — price didn't continue lower from the 0.00000265 area, it ripped through my 0.00000275 invalidation and launched a massive move to the spike high near 0.00000490 visible on this chart. That's the failure I'm starting from. What followed was a sharp distribution from that spike, and price has now retraced the bulk of that move, sitting at 0.00000350 — roughly the midpoint of the full launch-to-top range. The structure from the Aug 20 spike top is a clear sequence of lower highs and lower lows: 0.00000490 → 0.00000430 → 0.00000380 → current price. Every bounce has been sold. I'm treating this as a downtrend continuation until structure proves otherwise, and the derivatives data reinforces it — there's a dense liquidation cluster just below at 0.00000348, another at 0.00000329, and a deeper one at 0.00000325. That stack below is a magnet.

The news context mentions a descending trendline break targeting much higher levels, but the chart I'm reading tells a different story — the dominant structure remains bearish from the spike top, and I'm not positioning against that just because a price prediction headline says so.

I'm not chasing a short from here mid-range. I'm waiting for a bounce into the 0.00000370–0.00000375 zone, where the prior swing lows from Aug 24–25 now act as resistance and the dense liquidation cluster at 0.00000375 sits overhead. If price pushes into that zone and rolls over, that's my entry. A clean rejection there with a close back below 0.00000365 confirms the lower-high structure is intact and the next leg down toward the liquidation stack is on.