Why do I expect price to move below 408 USD? Firstly, let's look at the chart.
What can you can read from the chart?
Price has been creating lowers highs (LH) and higher lows (HL) for several months
Price is below local PoC.
Weak lower high
What do I expect will happen based on my readings? Price is currently below local PoC. It has created weak higher low (weak structure). I believe that price will break the weak lower high and move below 408 USD.