@ennuka
Let's look at what the market is charting on the IMX 4H.
I'll say right away, the chart isn't the healthiest, but it's still tradable. The asset is currently stuck in the $0.220-$0.260 range, with $0.241 being the midpoint of the range, which isn't the best entry point.
š After a decline and a series of BOS drops, we've started consolidating just above the demand zone. The key now is to hold the Weak Bottom level, which is around $0.220.
š If bears put pressure and we close the 4H candle below $0.220, the decline will be rapid. Below this level, liquidity has accumulated down to $0.140. This is the worst-case scenario.
If the $0.220 level holds, we expect a breakout above the local resistance at $0.260 and the formation of a strong over-based (OB) pattern in the $0.300-$0.320 region. We will be watching for sellers' reactions from the point where this strong peak forms.
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