We need a short squeeze to fuel a move toward the historical high. Price is holding just below the resistance level, and this is not the first approach. On the daily timeframe, there's a bearish divergence — a short signal.
Possible scenarios:
Price moves down, but holds the support zone at 98K–100K, builds strength, and then breaks out to a new all-time high.
Price moves down, fails to hold the 100K zone, and drops back toward 80K.
Price consolidates tightly around 103K–105K, volatility decreases for a while — the market enters a “kangaroo mode.”
At the moment, I’m leaning toward scenario 1 — we still need to play out the daily divergence, which might take a few days. Buyer strength is still visible. I expect a strong correction only after the all-time high is updated.
Possible scenarios:
Price moves down, but holds the support zone at 98K–100K, builds strength, and then breaks out to a new all-time high.
Price moves down, fails to hold the 100K zone, and drops back toward 80K.
Price consolidates tightly around 103K–105K, volatility decreases for a while — the market enters a “kangaroo mode.”
At the moment, I’m leaning toward scenario 1 — we still need to play out the daily divergence, which might take a few days. Buyer strength is still visible. I expect a strong correction only after the all-time high is updated.
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Related publications
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.