🚨 $PROM STILL LOOKS BEARISH TO ME.
The 1H structure remains firmly bearish, with clear lower highs + lower lows.
The latest -3.7% dump on 4.6x+ volume is also worth watching. That kind of volume spike looks more like distribution or a liquidation cascade than simple retail panic. 👀
I don’t think the bottom is necessarily in yet.
Price is still well below the last swing high at $6.234, while the liquidity below $6.004 and especially around $5.43 remains largely untested.
For a short, I’d rather wait for a bounce into:
🔴 $5.90–$6.07 → short zone
🎯 $6.004 → TP1
🎯 $5.733 → TP2
🎯 $5.43 → major liquidity target
🛑 $6.234 → invalidation
The ideal entry for me would be a weak bounce/retest followed by bearish confirmation on the 5m/15m — rejection wick, bearish engulfing, or a lower-timeframe structure break.
I’m not chasing the dump here.
RSI is oversold and volume is elevated, but I’m not seeing enough evidence of true capitulation yet. Positioning also remains relatively long, which could leave more room for a reset.
⚠️ If $PROM reclaims $6.234 with strong buying, the bearish thesis is invalid and I’d step aside. That could signal a structure flip and potential short squeeze.
For now:
Bearish below $6.234 → looking for a weak retest → downside toward $5.43. 👀📉
The 1H structure remains firmly bearish, with clear lower highs + lower lows.
The latest -3.7% dump on 4.6x+ volume is also worth watching. That kind of volume spike looks more like distribution or a liquidation cascade than simple retail panic. 👀
I don’t think the bottom is necessarily in yet.
Price is still well below the last swing high at $6.234, while the liquidity below $6.004 and especially around $5.43 remains largely untested.
For a short, I’d rather wait for a bounce into:
🔴 $5.90–$6.07 → short zone
🎯 $6.004 → TP1
🎯 $5.733 → TP2
🎯 $5.43 → major liquidity target
🛑 $6.234 → invalidation
The ideal entry for me would be a weak bounce/retest followed by bearish confirmation on the 5m/15m — rejection wick, bearish engulfing, or a lower-timeframe structure break.
I’m not chasing the dump here.
RSI is oversold and volume is elevated, but I’m not seeing enough evidence of true capitulation yet. Positioning also remains relatively long, which could leave more room for a reset.
⚠️ If $PROM reclaims $6.234 with strong buying, the bearish thesis is invalid and I’d step aside. That could signal a structure flip and potential short squeeze.
For now:
Bearish below $6.234 → looking for a weak retest → downside toward $5.43. 👀📉
