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I expect price to retest the resistance zone soon, which aligns with the recent breakdown level. This move would also fill the weekend CME gap.
Even though the current structure hints at a potential pump, liquidity below 74.500 remains untouched and the support zone has not been tapped yet. Because of that, it would make sense for price to sweep the lows once more before pushing higher to retest resistance.
Overall, the trend remains bearish. After the resistance retest and CME gap fill, I expect continuation to the downside, targeting the next major liquidity clusters at 60.800 and 51.780.
When we are moving around key HTF levels the emotional trading reaches its peak.
This is how the market f##ks everyone so hard.
Bait people will losing levels, emotional traders pile in en masse, and get rekt.
You see here price moving down fast and Open interest moving up fast...
then price reverses and open interest goes down fast also.
What this shows you is that when key levels are lost, you should actually long them.
Because the market will just chew you up.
Whatever seems obvious, is not. It's a trap.
This will continue to happen until they have built up enough liq, baited enough shorters, and then they will run it up very fast, not allowing anyone to get in.
$25bn in liq already above that has not been taken.