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Alikze »» BAKE | Pullback to descending structure

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🔍 Technical analysis: Pullback to descending structure

- It is moving in an ascending channel in the daily time frame.

- So far, there have been several positive reactions to the bottom of the channel, which has led to the upward jump of the price.

- It is currently facing an important supply range due to the positive reaction to the bottom of the channel.

- Therefore, if it cannot stabilize above the supply area, according to the downward momentum, it can lead to the breaking of the bottom of the channel and correction to the range of 0.195.

- So in case of this event, this reversal can be a pullback to the broken structure to continue the downward path.

💎 Alternative scenario: if it can influence and stabilize above the supply area, it can fill the FVG gap in the first step and after correction and support in the middle area of the channel, it will reach the target of 0.488.
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