Hello, traders! The price auction for BTCUSD has been handled by a well defined descending channel. This bearish structure has guided the price lower, with sellers showing strength by breaking below key levels, including the previous support at 111000. The auction has seen multiple retests of both the channel's supply and demand lines.

Currently, the auction is at a critical inflection point. After recently touching the lower demand line of the channel, a pivot point low has been established, and the price is now attempting to initiate a bullish reversal from these lows, showing early signs of buyer interest.

My scenario for the development and progress of events is a bullish reversal from this channel support. I expect the price may make a brief corrective retest of the recent low to confirm buyer initiative. In my opinion, a successful hold will trigger a rally strong enough to reclaim the broken 111000 level, which is now resistance. The take profit is therefore set at 112200, targeting the main area just above this key structural point. Manage your risk and trade safe guys…always❤️