I think that in the recent days we experienced a classic bull trap situation. A fake breakout of the descending .
Price action formed a pin-bar at 11788 $. This level converges with 50 and 100 MA and 50% Fibo retracement - it was rejected to the downside.
What is more we hit the upper .
I expect the price to fall to 8500 $ level where the price will find a major support of the 200 MA and the .
Second level of support should be around 6500 $ where we will encouter a lower major , 78.6% Fibo retracement and the lower . From that level I will be extremely bullish!
I hope it helps.
If it holds above that we can expect another attack of the 11600 $ price zone.
If it breaks down... 6500 - 6600 $ should be expected as I described in the first part of the analysis.
It looks like it is going to break down. My base scenario is still in play! Watch for 6500 $