币界网报道：Story [IP] has been in a downtrend since May. While the recent bounce is a positive sign, technical analysis suggests that traders must take a nuanced approach. In fact, at press time, the short-term outlook is bullish with the possibility of a small drop to $2.85. Bitcoin [BTC] needs to climb to $110,000 and consolidate for the altcoin market to have a chance to profit. If this does not happen, or IP falls below $2.8, traders may switch to a bearish outlook. The 12-hour chart highlights hopes of recovery in the form of a bullish market structure breakout. As shown by the cyan line, IP has made a new local high. Volumes during this structural shift were high but have decreased over the past few days. OBV does not seem to have reclaimed levels from earlier this month. This could be an early sign that buying pressure is relatively weak. The bullish internal structure seems to have been overwhelmed by the bearish swing structure. A Fibonacci retracement level has also been drawn based on the swing from $4.26 to $2.44 earlier this month. The upward momentum from the past week has yet to solidify. Especially since the RSI has yet to cross the neutral threshold of 50. Coupled with weak demand, IP may have difficulty breaking through the $3.34 resistance level. Further north, the $3.64 and $3.86 levels will be the next resistance levels, where a bearish reversal may occur. Liquidity provides clues for traders looking to go long The 2-week liquidation heat map shows two fairly strong magnetic areas at $2.5 and $3.44. They are almost equidistant from the market price of $2.94 at press time. The liquidity cluster at $2.42 to $2.5 to the south is also slightly denser. Given the bullish structure on the 12-hour chart, IP looks likely to move higher. At the same time, the lack of high demand could hinder Story's bullish progress and even lead to a small decline. Therefore, traders can also consider going long in the $2.85 area, which is another nearby liquidity cluster. Setting a tight stop loss at $2.78 is feasible as a pullback cannot be ruled out, especially if Bitcoin faces volatility. Disclaimer: The information provided does not constitute financial, investment, trading or other type of advice and is solely the opinion of the author