$SNXX REJECTS 16.61 — BEARS STILL CONTROL THE 1H STRUCTURE
$SNXX swept above 16.61, failed to hold the breakout, and then dropped around 5.5%. For me, this keeps the bearish 1h structure intact.
My bias remains bearish while price continues printing lower highs and lower lows. The wick above 16.61 looks more like a liquidity sweep than a genuine breakout — price reclaimed the level briefly, trapped late buyers, and rejected back below.
The key setup:
• 1H structure remains bearish
• 16.61 rejection keeps sellers in control
• BTC’s bearish tape supports downside continuation
• Seller-heavy taker flow adds confirmation
• Daily remains bullish, so this is a counter-trend short
• Weekly is ranging and does not override the current 1h setup
I want confirmation before entering — ideally a clean 1h rejection, bearish engulfing candle, or lower-timeframe break of structure.
SHORT ZONE: 16.50–16.70
Only after confirmed rejection around 16.61.
TARGETS:
TP1: 16.00
TP2: 15.85
TP3: 15.74 demand
Stretch target: 14.98 if 15.85 breaks decisively
INVALIDATION:
A 1h close above 18.01 would invalidate this bearish setup and shift my bias bullish.
I’m not chasing the dump. The better trade is waiting for price to retest the rejection zone and confirm that sellers are still in control.
Not investment advice. Educational analysis only.$SNXX
#SNXX #CryptoTrading #Altcoins #TechnicalAnalysis #BinanceSquare
$SNXX swept above 16.61, failed to hold the breakout, and then dropped around 5.5%. For me, this keeps the bearish 1h structure intact.
My bias remains bearish while price continues printing lower highs and lower lows. The wick above 16.61 looks more like a liquidity sweep than a genuine breakout — price reclaimed the level briefly, trapped late buyers, and rejected back below.
The key setup:
• 1H structure remains bearish
• 16.61 rejection keeps sellers in control
• BTC’s bearish tape supports downside continuation
• Seller-heavy taker flow adds confirmation
• Daily remains bullish, so this is a counter-trend short
• Weekly is ranging and does not override the current 1h setup
I want confirmation before entering — ideally a clean 1h rejection, bearish engulfing candle, or lower-timeframe break of structure.
SHORT ZONE: 16.50–16.70
Only after confirmed rejection around 16.61.
TARGETS:
TP1: 16.00
TP2: 15.85
TP3: 15.74 demand
Stretch target: 14.98 if 15.85 breaks decisively
INVALIDATION:
A 1h close above 18.01 would invalidate this bearish setup and shift my bias bullish.
I’m not chasing the dump. The better trade is waiting for price to retest the rejection zone and confirm that sellers are still in control.
Not investment advice. Educational analysis only.$SNXX
#SNXX #CryptoTrading #Altcoins #TechnicalAnalysis #BinanceSquare