Current price action is retracing toward a well defined supply zone between 107,016 and 108,576, an area of previous institutional selling. The expectation is a potential rejection from this zone, leading to a continuation of the broader downtrend.
If price taps into this supply and fails to break above, short opportunities become favorable targeting:
Intermediate support at 104,000.
Final target at 101,565, aligning with prior liquidity sweep.
Invalidation occurs on a strong close above 108,576.
#BTC/USD, #FOREX, @VeloraFXReal
http://dlvr.it/TLMms0