I made a short position recently. I use Bitcoin as my signal and took a short position on Dogecoin and got 1:3 risk ratio because my position got hit my trail SL and see that retracement for 4 hours time frame.
Let's see if it is going to retest this $117k zone, but I still favor bearish here because of the current market structure. If you go with the daily time frame, you can see the whole structure that looks like a downtrend.
Take note I am not a financial advisor; I just share my thoughts and speculation from my analysis.
I think it will fill in FVG bounced at 113k and then going down to 109k, I think correction is due right now and it has retouched the same support twice.
Would like to see the price to keep rallying but correction is always needed at some point for healthy market and it seems to be the time despite bullish news with the interest cut in september (possibly).