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Disruptions on the Current Bullish Analysis:

1. Possible Bull Trap at Current Supply Zone:

Price is hovering around a supply zone (highlighted red dashed box). If buyers fail to push beyond this zone convincingly, a sharp rejection could follow.

This area could serve as a distribution zone, leading to a fake breakout and reversal.
2. Overbought Conditions (Momentum Exhaustion):

Given the sharp rally towards 1.29347, momentum indicators (e.g., RSI, Stochastic) are likely overbought. This suggests limited upside potential before a pullback.

A retracement to 1.28000-1.27500 (major horizontal demand) could be in play before moving higher.
3. Low Volume on Breakout Attempt:

If the recent breakout attempt above 1.29000 happened on declining volume, this weakens the bullish outlook and hints at lack of strong buyer commitment.

Volume confirmation is critical for sustaining breakouts; otherwise, sellers may take control soon.
4. Reversal Pattern Formation Possibility:

The sharp upward move could complete a potential double top formation near 1.30436 if price rejects around 1.29500–1.30000.