If the $254.8 range is completely consumed, the possibility of seeing lower areas is strengthened. It seems that we have the main reaction to form a downward trend to the $200 area from the $366 range.
If the $254.8 range holds, the above view will expire.
We would be happy to hear your comments.
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So far, according to the analysis, it has progressed (: On the lower time frames, if the $323.4 range remains unexploited, there is a high possibility of forming a bearish trend.
**** But keep in mind that in higher time frames, the previous view of an increase to the $366 area and the reaction to this area is still in place. ***
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According to the analysis, a downward trend was completed up to the specified range.
If the current downtrend falls below the $251 range, the possibility of the downtrend continuing to the $200 range is strengthened.
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So far, the scenario we've looked at has exactly happened, hasn't it? The $254.8 support range was completely consumed. We have a 42% uptrend so far, which has completely consumed the $323.4 resistance range. As a result, the probability of seeing the range of $365.9 has been strengthened.
Considering the consumption of the $323.4 range if the previous floor ($220) is maintained, the possibility of continuing the upward trend to the price area of $365.9 is very high.
@SwallowPremium, Of course, it is possible that the downward trend will continue from here to the $200 range. This possibility should also be considered. Thank you for your attention