RENDER · 1H · DOWNTREND

Price ran the full sequence from my Oct 4 read — 2.13 and 2.19 both hit — then rolled hard from 2.23 and has been printing lower highs and lower lows ever since. My Oct 19 long from the 1.77–1.80 zone triggered, Target 1 at 1.89 was reached, but the invalidation at 1.71 was also reached — the long is done, and the structure that printed after it is ugly: price pushed to 1.946 on that bounce then failed to hold, rolled back through 1.71, and is now sitting at 1.694 with no visible floor on this chart. The 1.60 and 1.64 liquidation clusters below are the next structural magnets, and that is where I'm looking for the move to continue.

The liquidation map tells the same story: dense clusters at 1.68, 1.64, and 1.60 below current price, with 1.80 the nearest supply above. Price is already trading through 1.68, which means that cluster is getting swept right now. A clean continuation down toward 1.64 and then 1.60 is the path of least resistance. The funding rate is mildly long-biased at 0.01% per 8h — nothing extreme, but longs are still paying, which means the crowded side gets squeezed further on a continued drop.

I'm not looking for a long here. The bounce structure off the Oct 19 low is broken, the higher-low sequence is gone with price below 1.71, and chasing a reversal into a descending sequence without a clear base forming is not something I'd do. The only trade I see is a short continuation, and given the forming candle I'm waiting for the current 1H bar to close before treating any level as confirmed.