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74888: a bottom or a temporary stop before the bleeding continues? This is where the key turning points and decisions begin!
Pay close attention to this range, because everyone is now torn between two possibilities: Was 74888 the bottom we'll bounce from, or is the price still searching for a new bottom?
Let’s read the situation through the numbers, without any preconceived expectations.
Post date: 7 /11
The timeframe is one hour; the candle timer is set to 1 a.m. Saudi time.
The price is currently trading near 76560. For us to consider 74888 the current bottom, there is one essential condition that cannot be ignored:
There must be no close below 75600 under any circumstances, based on four-hour candle closes.
But if the price closes below 75600 on a four-hour candle, followed by a test candle that fails to break through and reclaim the range, then the outlook changes. We can no longer consider 74888 the bottom for the current phase. Instead, the price may be searching for a new bottom, with the possibility of further bleeding, in line with the scenario we detailed in the previous post, where we identified where the bottom could be and how selling pressure might continue.
But there is another detail in the current formation that is no less important:
Upward pressure has succeeded in breaking through 76346. Holding above this level on all closes, without any close below it, strengthens the bullish structure and supports the possibility that 74888 may be the bottom that drives a new upward wave.
So, here are the range we’re monitoring and the key levels that will determine the decision:
75600: The line of defense for the premise that 74888 is the bottom. Holding above it preserves this premise.
76346: A breakout and hold on all closes, with no close below it, supports and strengthens the bullish formation.
78777: A test of the wave’s strength through a breakout and reclaim.
79200: The next stop on the upward path.
81462: The toughest level—the decision point and dividing line on which we built the foundations of the Channel 80 algorithms.
Here, we need to understand something important: we do not call 74888 the bottom simply because the price bounced from it, nor do we judge the upward wave based on an intraday breakout. What matters to us is the behavior of the coming candles and their ability to protect key levels and reclaim the required levels.
We are not trying to guess the bottom; we are watching how the price confirms that it is a bottom and builds the structure that could lead to the next wave.
This is the practice of reading the structure before it is complete: we do not chase the move; we look for the conditions that shape it.
This is a technical analysis based on my own model and personal experience, not a financial recommendation.
And God knows best.
Good luck to everyone.