WIF · 1H · DOWNTREND

My previous two-sided read from September 18 hit Target 2 at 0.2200 — that's a completed move, and I'm not treating any level from it as live. What I'm looking at now is a violent spike from the 0.1650 area all the way to the 0.2850 high visible on this chart, followed by a sharp multi-day unwind that has price sitting at 0.2290 — still above the pre-spike base but having given back more than half the spike range. The daily trend is UP, so this unwind is a pullback inside a larger uptrend until proven otherwise. The key question is whether the 0.2200–0.2230 zone — which was the upper resistance of the old range — now holds as support and becomes the re-entry point for the next leg.

The liquidation map is telling me a lot here. There are dense clusters stacked immediately above at 0.2301, 0.2438, and 0.2524 — price is essentially sitting just below the first one right now, which means a long from here is buying into an immediate overhead magnet that will either fuel or cap the move. Below me, dense clusters at 0.2197, 0.2166, and 0.2119 are acting as a stacked support shelf, but they're also a sweep target if longs get flushed. Funding is modestly positive at 0.0100% per 8h — longs paying, but nothing extreme, so no squeeze urgency on either side.

I'm not buying the current print. Price is mid-air between clear structure with no confirmation that the pullback has finished. I want to see a defined flush and hold — ideally down into the 0.2197–0.2166 cluster zone where stops are stacked and a sweep would flush weak longs before a real base forms. If that holds and price reclaims 0.2301, I'm long with the daily trend. If 0.2119 goes on a close, the pullback has become something more structural and I'm reassessing.