$INIT is losing ground, and I'm watching for the next leg down.
Lower highs, lower lows, and a broken swing low have put sellers in control on the 1H. Bearish BTC adds pressure, although the bullish daily and weekly structure make this a counter-trend short.
I'm watching 0.1996–0.2127 for a relief bounce that fails. I want a clear rejection before entering, not a blind short into the lows.
My downside targets are 0.1705, 0.1675 and 0.1568.
OI has dropped 19.3% to $11.4M, while taker flow sits at 1.00x. This looks more like positions unwinding than an aggressive squeeze.
A close above 0.22923 would flip my 1H bias bullish.
I'm letting sellers prove they still have control.
Lower highs, lower lows, and a broken swing low have put sellers in control on the 1H. Bearish BTC adds pressure, although the bullish daily and weekly structure make this a counter-trend short.
I'm watching 0.1996–0.2127 for a relief bounce that fails. I want a clear rejection before entering, not a blind short into the lows.
My downside targets are 0.1705, 0.1675 and 0.1568.
OI has dropped 19.3% to $11.4M, while taker flow sits at 1.00x. This looks more like positions unwinding than an aggressive squeeze.
A close above 0.22923 would flip my 1H bias bullish.
I'm letting sellers prove they still have control.
