META Bearish: Channel Breakdown Toward 630META on 1D is digesting a sharp pullback from the ~$790 high into a descending channel. Price found initial demand near $666 but remains below the MA20 and mid-band, keeping short-term momentum bearish while the higher-timeframe uptrend stays intact. Until the upper channel gives way, rallies into the MA20/upper boundary are likely to meet supply.
Primary path: I’m respecting the channel. A daily close below $660 would confirm continuation, opening $630 as the first objective; if pressure accelerates, $600 sits next. The setup is cleaner while price stays capped beneath $685 (short invalidation). Failure to reclaim the MA20 keeps the lower band “walk” in play and favors selling into strength.
Alternative: If buyers punch through the upper channel and reclaim the MA20 with a decisive daily close above ~$720, the short-term tone flips. That unlocks a squeeze toward ~$740 and, if momentum persists, a run back into the prior supply near ~$790. For dip buyers, the $666 area is the near-term demand to defend; lose it on a close and the bearish case resumes.
Levels to watch: Demand near $666; resistance at ~$720 (upper channel/MA20) and ~$790 (ATH). Triggers: bear—daily close < $660 to target $630/$600; bull—daily close > $720 to target $740/$790. Invalidation for shorts: daily close > $685.
This is a study, not financial advice. Manage risk and invalidations.
