That earlier spike-and-retrace looked quite strong at first, but in reality every time it gets pushed up, there’s a lack of follow-through. I didn’t change my view just because of a few pumps. Around 0.03382, I focused on how the short-side dynamics were shifting, and waited for the market to reveal its own flaws.

The most uncomfortable part is that at the start, it didn’t immediately crash down. The price kept grinding back and forth, and people who are itching to trade are likely to get out early. There was also a fake breakout in the middle. I had my doubts at the time too—luckily I didn’t rush in, and I wasn’t thrown off by short-term volatility.

Only when selling pressure showed up continuously did the chart truly turn weaker. Shorts shifted from hesitation to taking profits. When the price came near 0.01337, the corresponding move was +2911.97%. This isn’t luck—it’s the logic of being under pressure at higher levels gradually playing out.

After this drop, I’m even more convinced by the short thesis. I’m not turning bearish because it fell, but because the problems that existed earlier never went away, and the market only gave feedback in the most direct way.

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