There might be a small bullish cycle delimited by the green lines. Scenario 1 : The price bounce on the support line of this bullish trend and go back to 11 000$. We can see that the volumes of the short are getting lower. We can see a cup & handle on the 4 h and on the daily chart as well, I hope this will be confirmed on the daily but it has to breakout the resistance of the 11700$ with big volumes. So there is still hope that we see a reversal in the coming days. I am still long and holding as long as the price stays above the support line otherwise i will close my long position and go short.
Scenario 2 : Bad news...the price breaks the support of 8500$ then it will probably go lower to 7700$... and why not to 6000$ again ? Good luck for your trades !
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It looks like we are going for scenario 2. the price is trying to break the 7700$ support. I will play the bounce on this support and will try to go long between 7600$ & 7500$ if the price goes at this level, with a tight stop loss in case the support breaks.