UNI · 1H · UPTREND

My previous read from Aug 19 was a SHORT setup looking for rejection at 3.58–3.65 with a close below 3.50 — that scenario never triggered. Instead, price did the opposite: it blew through those resistance clusters, ripped from the low 3.20s all the way to 4.55, and is now sitting at 4.374. The downtrend structure I was tracking is completely invalidated — this is a new uptrend with a clean sequence of higher lows driving from 3.20 to current levels. The structure is bullish, but I'm not chasing it here: funding at 0.1503% per 8h is extreme, longs are dangerously crowded, and there are three dense liquidation clusters stacked directly above between 4.42 and 4.55 — that is a magnet zone, but also a wall that could reverse hard once the fuel is spent. The news context reinforces the bullish backdrop — Uniswap handling $638.5M in tokenized stock volume on Robinhood Chain in 90 days is genuine protocol traction, and that kind of volume narrative supports the move structurally. But I'm not buying extension into crowded positioning. I'm waiting for a flush that brings price back to cleaner structure.