I'm anticipating a test of the 4-hour FVG, which serves as the POI (point of entry) for a long position. Expecting a reaction and a pump in the asset towards targets: $75.8 and $77.
Market analysis - I sat down with the charts and see that 72000 isn't a full breakdown yet, just the beginning of a breakout! If we see some volume coming in for longs now, they could definitely scoop up the price!
As we can see, there's an attempt to break the trendline on BTC, and everything will be decided today! A close of 4-6 hours below 72000 means a breakdown and a drop!
However, if buying pressure absorbs the selling now, there's a chance we could see a 3-4% rise!
Gotta keep an eye on things today!
โ๏ธWhat's important: gaps have been left at 73500, 75200, and 79000! Liquidity at 72300 has been cleared, and now there are huge volumes at 75500!
Logic and common sense suggest we should aim for 75000, but the seller in the market is very strong, pushing down relentlessly!
We're seeing that the price is moving within an ascending channel, which is also in a downtrend (bearish flag).
There can't be a global breakout upwards from this, only downwards and definitely to a lower low! This means the global target is 57000!
But right now, we're sitting right on support at 72500 - that's a sloped level and it's super important; if we break it, we lose this channel and fall down without a stop!
Yeah, this level isn't strong since it's already the 4th touch, and if it breaks, it's game over...
But for now, while we're on it, I'm trying a long locally, as it might still show a rise of 3-4% before heading down!
Either way, it will be broken; the only question is whether it happens right away or after a rise to 77-79. ๐ $BTC $ETH
On the chart, there are two support levels at 75,000 and 74,000; these are the exact levels from which the price could show a strong reversal towards the 79,000 zone!
However, keep in mind the scenario that if tensions escalate in Iran, all of this could tank very quickly, so use stop losses and focus more on taking shorts in case of a bounce..