If you’re still fantasizing about a rebound and breakout, I really can’t take this bearish narrative anymore. On NVDA’s four-hour chart, six candles in a row show two bullish and four bearish, with price grinding below the 20-period moving average for ages, and even the rebound can’t produce a decent bullish candle — what kind of conviction are you talking about with a structure like this? Not to mention perpetual funding rates have already turned negative, long positions are being held at a loss to the point of paying to stay in, and open interest is still shrinking, which means even the strongest bulls are quietly exiting. The bid side on the order book is a bit thicker, but price is still drifting lower, and the spot market’s support simply can’t absorb the pressure from futures selling. Don’t fool yourself with the idea that it “should rebound after falling so much” — moving averages capping price, momentum pointing down, funding turning negative: all three point in the same direction. I’m bearish on this one; if you want to go long, all you can do is wait for a pullback and stare at the red candles.