ALICEUSDT short, next leg down

ALICEUSDT simple supply and demand is clear, the 0.5 fib from major high to low looks like the final reversal point. Down targets are fib 2.03 target TP1 and (hopefully) fib 1.96 TP2.

I saw this setup over the weekend, tried a short, but thought it was breaking out and bailed. Now it seems like my initial gut was right. A retest of the short zone would be nice for re-entry. 1hr has a couple nice bearish candles confirming the breakdown. I always encourage caution shorting the initial run of a coin and definitely prefer clearer market structure breaks and retests. But this idea is good enough I'm posting.

Stop loss is clear above the 0.5 fib. Trying again for a short if this reclaims the 0.5 level at the 618 would make sense... will update idea if that happens.

Comment:

618 was the right backup idea... unfortunately I never got my fill, just barely missed my target entry. Sad days. On to the next trade...