Since the beginning of the year, price has been trading within this massive channel. We witnessed the price break below this trendline yesterday, and I can see many people becoming quite negative and opening short positions at this level; however, after such a massive sell-off across the market. Before the broader trend resumes, we could witness a relief bounce of some form.

This is why I believe the first breakout is a ruse for the time being, and if price re-enters the range, we may expect a short-term push back to $3000, which is the daily level + POC of the April downtrend.

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