The price action on the H4 timeframe has broken down its support trendline and faced rejection from its resistance trendline, signaling a continued bearish sentiment.
Given this, we can expect the price action to target and grab liquidity from the demand zone.
After this liquidity grab, it is likely that the price action will respect its next support region, potentially leading to a short-term bounce.
However, any failure to hold at this support could open the door for further downward movements.
Monitoring this zone is crucial to assess potential reversal or continuation patterns. đ
âȘïžWRAP-UP (VIP)
The price action on the H2 timeframe has broken down its support level and is now retesting below it, signaling a potential confirmation of a bearish trend change.
This retest below the previous support level indicates that the price action has shifted direction, with momentum now favoring further downward movements.
If this bearish trend continues, the price action may head towards lower support levels, potentially grabbing sell-side liquidity and reinforcing the downtrend.
A successful retest of this broken support level would be a key indicator of sustained bearish momentum.
$BTC DAILY RANGE:
- Upper Limit: $63,014
- Lower Limit: $60,157
(+-4.86 based on moving average volatility open/endpoints)
SCALP ENTRIES (VIP)
(*Advanced traders only - moderate/high risk)
đ”LONG
đČ62.333
đŽSHORT
đČ61,998
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