Broken below the weekly 50SMA , and can't reclaim it . for now .
If it breaks below 7k i expect between 4500-5k , (will reevaluate if/when price get's closer)
Reason for the 4500-5k zone being the weekly 100SMA + The long term .786 Fib and also strong horizontal support zones.
high time frame close above 7800 (weekly 50sma) will likely produce a decent rise (as short interest is pretty high) but i'll be sticking to a short/neutral bias likely until 10k breaks.
If it breaks below 7k i expect between 4500-5k , (will reevaluate if/when price get's closer)
Reason for the 4500-5k zone being the weekly 100SMA + The long term .786 Fib and also strong horizontal support zones.
high time frame close above 7800 (weekly 50sma) will likely produce a decent rise (as short interest is pretty high) but i'll be sticking to a short/neutral bias likely until 10k breaks.
Trade closed: target reached
