SUI · 1H · DOWNTREND

Both my previous long reads delivered — Target 1 and Target 2 hit on both — but the invalidation on the September 25 read was also reached at 1.0400, which tells the full story: price ran to 1.2947, then gave back a significant portion of that move. The 1H structure off the 1.2947 high is a sequence of lower highs and lower lows — the drop from 1.2540 to the 0.9977 low, the bounce back to roughly 1.1500, and now a lower high around 1.1100 rolling back over toward 1.07. That's a clear short-term downtrend. The daily trend is still up, so I'm treating this 1H move as a pullback inside that larger structure, not a reversal. The question is whether 1.0000 holds as the support that turns this into a higher low, or whether price breaks below 0.9977 and forces a deeper read.

Price is at 1.0705, mid-range between 1.0000 and 1.1000–1.1200 overhead. The dense liquidation cluster at 1.04 is directly below, and 1.00 below that. Above, the cluster at 1.08 is essentially on top of current price — first magnet, within touching distance. There's no clean entry from here: the 1.08 confirmation level for a long is only 0.04 above current price, which means I'd need Target 1 at least 0.048 above 1.08 (1.2x the 0.04 stop) to clear the minimum. 1.12 sits exactly 0.04 from confirmation — it's a WAYPOINT, not a Target 1. The real structural objective is 1.17, the dense cluster from the October 2–5 congestion zone, which sits 0.09 from confirmation and clears the 1.2x minimum comfortably. That's where Target 1 lives. Negative funding at -0.014% per 8h means shorts are paying longs — squeeze risk is real once 1.08 absorbs, and 1.12 and 1.17 are both dense clusters that fuel becomes the accelerant through. With earnings on October 26, any long that triggers needs to resolve before that print — 1.08 to 1.17 on a 1H chart is a realistic week-long swing, but I'm watching the clock.

I'm not taking either side from 1.0705. Two-sided map below — each scenario is only valid from its boundary.