A RETEST UNTILL PROVEN OTHERWISE
Taking a look at the two main scenarios I'm considering for now, bullish continuation after a retest, or back down to take at least the 2021 lows.
Red box is a clear confluence area, S/R point, mid range of feb21 range, and a demand orderblock area too, so the line in the sand for me. Price needs to clearly hold that box, and not close back below.
Clean retest and close back above 42-44k, and ATH will be next imo, drawing a nice deviation below march21 range. That would be the perfect bullish scenario for now.
But if the price starts showing weakness at that area and closing below red in HTF, that's a red flag and a clear weakness signal, with big chances for 2021 lows (28k) to be taken, and probably lower, 24k first, followed by 2017 ATH.
Will see how it plays in the upcoming weeks.
Good luck!
Red box is a clear confluence area, S/R point, mid range of feb21 range, and a demand orderblock area too, so the line in the sand for me. Price needs to clearly hold that box, and not close back below.
Clean retest and close back above 42-44k, and ATH will be next imo, drawing a nice deviation below march21 range. That would be the perfect bullish scenario for now.
But if the price starts showing weakness at that area and closing below red in HTF, that's a red flag and a clear weakness signal, with big chances for 2021 lows (28k) to be taken, and probably lower, 24k first, followed by 2017 ATH.
Will see how it plays in the upcoming weeks.
Good luck!
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