As you can see from the daily time frame. Btc, took the liquidity from the supply area and met with high selling pressure immediately. In order to defend, bulls should hold the purple area along with the support zone where marked with Fibonacci levels.
Below this support zone, there are lows that have not swept each other, during the early stages of the rally and these lows could be considered "weak" zones in terms of support and resistance.
2021 Open and 2021 Low, both are institutional levels and the price should be observed once it sweeps or reaches these areas. If the buyers can't push the price above the previously yearly level, there is another untested demand zone, located below these levels.
Below this support zone, there are lows that have not swept each other, during the early stages of the rally and these lows could be considered "weak" zones in terms of support and resistance.
2021 Open and 2021 Low, both are institutional levels and the price should be observed once it sweeps or reaches these areas. If the buyers can't push the price above the previously yearly level, there is another untested demand zone, located below these levels.
Comment:
The purple area failed to hold as an intermediate support area but the gray area worked as expected since it was the main demand area of that structure in the first place. We might see a retest to the purple area(bearish retest). If the buyers continue to push the price above that level and reclaim this level with a retest, this can be considered a slightly bullish signal. Otherwise, we may see another drop in the same demand zone again, which can lead the price to a liquidity sweep around the 37320 level.
