The price has just returned above the 15-minute double moving averages, and the 4-hour chart has also turned red—up 0.97%. It bounced back from 0.1456 to 0.1505. On the surface, it looks like it’s stabilizing, but I actually placed a short order.
This rebound has nobody stepping in: contract open interest was cut down by 11.7% in a day, and the quadrant directly signals long-side capitulation. The passive/active sell orders made up 57%, while the buy side only managed 43%. That 0.19 move was built on leverage—now the leverage has been drained. The bounce is lifted by short-covering, not fresh capital.
Spot is even more straightforward: in three hours, across 12 candlesticks, there isn’t a single one with net inflow. Even a 15-minute large-order flow is still in net outflow. Whale accounts still keep long positions at 61%, but over seven hours they dropped by 2%—the leveraged longs from the highs haven’t fully exited. They’re still hanging overhead as ready-to-hit sell pressure, and the rebound conveniently gives them an exit window.
So for shorting ENA: first look for a pullback to the 0.145 prior low. If it breaks below that and then falls toward 0.134 (the 7-day low), watch it. Set the stop loss above 0.153. The downtrend hasn’t changed—this rebound is only handing unclosed longs a chance to be cut.
A viewpoint reversal only has one condition: spot’s three-hour net inflow flips positive, OI stops falling and rises again, and price with volume reclaims and holds above 0.16. If even one of these three appears, I’ll exit.
#ena $ENA