The chart shows that there is a bearish flag showing here. A death dross of the EMA50 (red) and the EMA200(white). The purple lines outline the overall trend since the last large price action in the past 1.5 weeks, and the yellow is a confirmation trend from a previous, higher high about 3 weeks ago. The white bar at $9126 is the previous support that has been tested before and passed, but now has been broken(green ellipse), and reversed now into a resistance barrier(yellow and red ellipses). The bar at $7912 is where I believe the price to be headed due to previous testing of this support level. This will be confirmed with more candles closing along or below the bottom purple line. If the price consolidates above the bottom purple line that will likely become the new area of support, not at $7912. Only time will tell.
Comment:
The candles seem to be sliding towards the yellow trend line. This could be support for a turn to the upside or resistance to confirm the death cross. Only time will tell.
