HTF (1h) shows clear downtrend from ~48500 peak, with accelerating selloff on Mar 17-18. Price broke ~47000 support with conviction and is now in a bear channel around 46400-46700. LTF shows sharp drop from 47600 to 46400 lows, followed by a weak bounce/consolidation between 46400-46620 with declining volume on the bounces — classic dead-cat structure. Current price ~46597 is pressing against the upper band of this consolidation range. Sellers have stepped in repeatedly at 46600-46650. No real buying conviction visible. Thesis: fade this bounce into resistance at 46620, targeting retest of 46400 lows. Stop above 46720 where structure would invalidate short bias.