$PNUT swept 0.04265 and bounced on rising open interest, which is not what a dying downtrend usually looks like. That low held, and fresh longs stepped in right at the window low. The 1h trend is still bearish below both falling EMAs, so this is a relief bounce inside a downtrend until proven otherwise. The number that matters is 0.04607, the recent swing high. Reclaim it and the bearish structure finally gets a bullish break of structure. Reject there and the downtrend stays in charge. Anyone already long off the sweep is exposed if 0.04265 gives way: the sweep becomes a failed low, late longs sit underwater, and the next leg down has no obvious floor beneath them. Levels: Target: 0.04607 Invalidation: 0.04265 Watch next: 1. Whether 0.04265 holds on any retest. 2. Whether open interest keeps climbing into the bounce. 3. Whether price can close above 0.04607, not just wick through it. The market still has to decide if this is a bounce or a bottom.