1. Formed a and broke the trendline.
2. It has made a swing low of $12.18 and consolidating near the .
3. The has been running since a long time, but the monthly candle for November
was a big red candle, and a closing near the lows.
4. Seems that the Bulls have exhausted.
There might be two scenarios in the near future.
Price might go up and backtest the and Resistance, and then fall.
Price might consolidate and will break the Support of $ 12.18 and close below.
In either case, I think that the Bulls have got weak at the current levels, and buying is Risky now. I am expecting price to fall below Support of $12.18 and would be looking to buy at Support 2 (at or close to $8.00 - $9.00) after confirmation of Price Action. The Support 2 area of $8.00 - $9.00 has been strong in the past as well, so it might be a good buying opportunity when it reaches the Support 2 Zone.
Please note these are my own notes, by no means trading advise. Please do your own research before entering into any trade.