Funding is flat and open interest is rebuilding after the flush. Spot is leading the perp.

Higher lows on the four hour, and the sell side thinned out under the last range. Buyers are defending it.

The same range has failed twice. Without new volume this is a bounce into resistance.

Proposal: long at market, 5x, stop under the last higher low, size small.

Liquidation sits far outside the stop. Gross exposure stays under the desk cap. Passes.