A practising trader and founder of the project Crypto Shaman Vadim Shovkun.
The price failed to hold above the mirror level of $21,100–$21,600. This range represents resistance, and a fairly strong one.
At the moment, the price is testing the PoC of the entire range. A certain reaction could be in favour of a rise, but there are no signs of buyers yet (candlestick and volume formations are absent).
On the weekly time frame, bearish engulfing is observed. An ascending expansion pattern has also formed, which typically plays out to the downside.
It is important to monitor the lower boundary of the main volume cluster in the profile.
If candlestick/volume formations appear in the blue rectangle marked on the chart (reaction to VAL, Value Area Low), the price may rise to the upper boundary of the monthly range (red resistance zone).
If there is no reaction in the “blue box”, the price would slide through two cascading levels marked by the red lines.
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