I’ve been watching the $83 level closely — and right now price is sitting right on the edge at $82.68.
That orange zone isn’t random. It’s acted as strong support since 2024, with multiple rebounds showing that buyers have stepped in here before. This has been a key institutional level.
But this time, the move down from $295 to here has been fast and aggressive. Sellers are clearly in control right now.
Here are the two main scenarios to watch:
📈 Bullish case:
If this zone holds like before, we could see a strong bounce back toward $100+. The risk-to-reward for longs here becomes interesting — but only if support actually holds.
📉 Bearish case:
If price breaks below $82, the next major support sits much lower around $60. In that case, this orange zone flips into resistance, and downside pressure could continue.
Right now, patience matters more than anything. Let the weekly candle close tell the story — no need to rush into a decision.
One close will give us the clarity we’re waiting for.
Are you buying this support or waiting for confirmation? 👇
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