The high-level pressure that I was watching finally gave an answer today. A lot of people see a single rebound candle and want to chase it, but I actually think something here is off: the more it pulls back, the weaker it gets—and the weaker it is, the easier it is to get dumped.

This short position of $IRYS was opened around 0.04832. At the time, what I was watching was that sell pressure above kept showing up; the price wouldn’t be able to effectively hold above. Now the chart has come back to 0.01314, with unrealized profit of +1433.95% and a clearly extended move—the timing for the shorts has basically played out.

The most critical part in the middle was that after pushing higher, it didn’t keep increasing volume; instead, it was quickly pushed back down. Many people haven’t reacted yet and think it’s just a normal pullback, but for people trading perpetuals, once this kind of level is lost, the direction can’t be hesitated on anymore.

Right now, my bias is to handle it in batches first: keep 80/20 to see whether it continues to probe lower, and move the protective stop along with it. Profits have already been released—don’t let your mindset float. If you miss this leg, there’s no need to force a chase. Don’t chase the rebound—wait for the next confirmation to be clearer before you move.

$BTC $ETH