UNI · 1H · UPTREND

My last read from Aug 23 hit Target 2 at 4.55 — that move is fully completed, and I'm starting clean from the structure formed after that. What followed was a multi-week grind from roughly 6.00 to 7.50, then a violent vertical rip from ~6.20 all the way to 9.50 visible on the far right of this chart — the SEC's September 17 framework directly benefiting Uniswap v4 was the catalyst, and price is now sitting at 8.89 after that spike. The daily trend is confirmed UP, the move has fundamental backing from the regulatory pathway news, but funding is running at 0.0753% per 8h — extreme long crowding — and price is sitting below three liquidation clusters stacked above at 8.96, 9.05, and 9.22. The spike wick to 9.50 and the pullback already in progress tell me this is a price correction happening right now, not a time correction — lower highs are forming off that wick, and the short MAs have rolled over from the spike extreme.

I'm not chasing here. Price came off 9.50 to 8.89 already, and I'm watching whether the 8.37–8.45 cluster below acts as a floor. That's the zone I want to see hold — it's the first meaningful support below and aligns with the pre-spike consolidation base. Extreme funding means any further squeeze on longs fuels a deeper flush toward 8.20 before this resolves, so I'd rather wait for the liquidation cascade to run its course below than step in front of it. A clean hold at 8.37–8.45 with a reclaim of 8.60–8.70 is the confirmation I'm waiting for before re-entering long.