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for buyers we want to see a 99500 breakout to confirm price recovery if not, then price might give us another price drop down to unfilled gaps for macro POV.
for short term pov we might expect short term retracement with a potential price respect to our last low on daily time frame.
for now market is bullish let's stick to it , Just play it cautiously since trendline is still respected by the price.
while short term bearish in lower time frame like in 15m and 1hr
I'll give you the advance potential scenario to make you more prepared to whatever might happen in the market
please read the following:
hear me out, if trendline support wont hold the chance to revisit the lower imbalances will increase where many potential buyers will reaccumulate with in that area
so in order for bitcoin to regain a strong buying pressure it is healthy for it to revisit at least as low as our trendline support making it resisting again and push the price back above while also creating a FOMO effect for those who still wait below 88k
again there's high probabiity that trendline support might break and that price might revisit lower imbalances
and if market will be able to do that and revisit it!
expect a massive buying pressure with in these price zones
85k , 76k , 67k not accurate price level but surely within this near zones.
Candle touched our upper trendline resulting it to drop down to our midline of parallel channel each line can give us reaction that's why I hinted you last night be prepared as candle touched our upper trendline it failed to break the said zone.
Now candle is still respecting midline it may indicate that buyers might respect it too.
If not we still got lower target left where if this still fails last low will be our stoploss for buyers.
Theres a potential target below that's a bullish gap or FVG
Also current candle is touching the midline of our parallel channel it can indicate a potential support buyers might react but we stay safe play it cautiously.
Candle touched our upper trendline resulting it to drop down to our midline of parallel channel each line can give us reaction that's why I hinted you last night be prepared as candle touched our upper trendline it failed to break the said zone.
Now candle is still respecting midline it may indicate that buyers might respect it too.
If not we still got lower target left where if this still fails last low will be our stoploss for buyers.
Theres a potential target below that's a bullish gap or FVG
Also current candle is touching the midline of our parallel channel it can indicate a potential support buyers might react but we stay safe play it cautiously.