"Currently, the drawdown is 52%, which is historically an accepted limit and a relatively average indicator. Fundamentally, there's no support for the crypto market, and Friday's pullback was supported by the US stock market recovery. Global and local trends are bearish, and local volume spikes and bullish impulses are possible during liquidity hunts, which should be viewed conservatively. The price has entered the key trading channel of 53K - 73K and may pause to form another trading range within the current cycle, which could later strengthen reversal momentum. Key liquidity zones haven't been tested yet: 59,650 - 53,330. Resistance levels: 71,900, 73,800, 82,200 Support levels: 65,000, 59,650, 53,330 How can we know if the market is ready for reversal? Technically, the reversal phase doesn't immediately follow distribution, which is still ongoing. The market needs to enter a consolidation phase where sequential rising lows/highs gradually form. Local structure breakdown + market staying above key resistance levels will indicate positive market sentiment. So, we're waiting for the formation of an intermediate bottom and the market phase shift from distribution to consolidation…
Best regards,
Asif bin Rafique"
