After the recent bullish leg, I can see signs of a structure break on the daily chart, which may indicate the formation of a temporary market top.
➡️ The red zone (119,750 – 113,800) is acting as a strong supply area / resistance, where price is already showing rejection.
➡️ A distribution phase was observed before the drop, reinforcing the idea of buyer exhaustion.
➡️ The break of the recent low confirms a possible shift in market structure, increasing the probability of further downside movement.
🎯 Potential Targets:
First target around the 90,000 – 88,600 zone (blue box).
If selling pressure continues, deeper levels may be tested.
🔎 This bearish scenario will only be invalidated if price manages to reclaim and consolidate above the supply zone.
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➡️ The red zone (119,750 – 113,800) is acting as a strong supply area / resistance, where price is already showing rejection.
➡️ A distribution phase was observed before the drop, reinforcing the idea of buyer exhaustion.
➡️ The break of the recent low confirms a possible shift in market structure, increasing the probability of further downside movement.
🎯 Potential Targets:
First target around the 90,000 – 88,600 zone (blue box).
If selling pressure continues, deeper levels may be tested.
🔎 This bearish scenario will only be invalidated if price manages to reclaim and consolidate above the supply zone.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.