🔍 Disrupting the Original Bullish Bias
The original analysis assumes a bullish reversal from the support zone aiming for a resistance target near $3,360. However, let’s challenge that with an alternate (bearish or neutral) perspective:
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⚠️ 1. Support May Not Hold
Price has tested the support zone multiple times, increasing the probability of a breakdown.
Repeated testing weakens support levels; a breakdown below $3,280 could trigger panic selling or stop-loss hunts, accelerating the drop.
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📉 2. Bearish Momentum is Dominant
The overall trend is downward, with lower highs and lower lows.
The current bounce could be a dead cat bounce — a short-lived recovery before another drop.
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📊 3. Volume Analysis
There's no significant bullish volume spike at the support, which weakens the bullish thesis.
This suggests lack of strong buying interest, a red flag for bullish continuation.
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🔄 4. Resistance May Hold Strong
The resistance area around $3,360 has shown previous strong rejections.
Even if price rises, it could stall or reverse before reaching the target.
The original analysis assumes a bullish reversal from the support zone aiming for a resistance target near $3,360. However, let’s challenge that with an alternate (bearish or neutral) perspective:
---
⚠️ 1. Support May Not Hold
Price has tested the support zone multiple times, increasing the probability of a breakdown.
Repeated testing weakens support levels; a breakdown below $3,280 could trigger panic selling or stop-loss hunts, accelerating the drop.
---
📉 2. Bearish Momentum is Dominant
The overall trend is downward, with lower highs and lower lows.
The current bounce could be a dead cat bounce — a short-lived recovery before another drop.
---
📊 3. Volume Analysis
There's no significant bullish volume spike at the support, which weakens the bullish thesis.
This suggests lack of strong buying interest, a red flag for bullish continuation.
---
🔄 4. Resistance May Hold Strong
The resistance area around $3,360 has shown previous strong rejections.
Even if price rises, it could stall or reverse before reaching the target.
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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.
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.