The failed Adam and Eve pattern provides support at the supply zone and should produce a 20% bounce to around 9100. Alternatively if price moves below the supply zone BTC could see a brief consolidation and quick move down to new lows and eventually a move down to 4000. I think a move to 4k will result in a 'V' bottom reversal but we'll trade in the 4-7k range for a month.
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Getting more conservative on the supply zone: 6860
Regarding the title: Demand zone. Not supply. This is where you demand your supply for a couple weeks. Looking like we'll head lower soon. This relief rally seems to be just that; relief from an unabated selloff.
Most of my analysis indicates we'll be going lower soon but there are some anomalies like USDT flow which is in huge demand but BTC price is buoyed. Perhaps it's a leading indicator as it has been in the past, but this time it's a bit exaggerated. Other than USDT flows we're just waiting for BVOL24H to settle down to start an impulse which should be Tues or Wed this week, so I'm expecting ranging until then.
Most of my analysis indicates we'll be going lower soon but there are some anomalies like USDT flow which is in huge demand but BTC price is buoyed. Perhaps it's a leading indicator as it has been in the past, but this time it's a bit exaggerated. Other than USDT flows we're just waiting for BVOL24H to settle down to start an impulse which should be Tues or Wed this week, so I'm expecting ranging until then.