I've been saying for weeks now that our strongest support in my opinion was $7400-7750 area. In the past few days we have now bounced off the top of this range twice. $7715 was the low 3-4 days ago and then $7701 this morning. This remains upper end of the zone of support I have been watching and would really like bulls to hold this zone. Thus far some trade-able bounces but nothing significant to start changing the trend. On this chart I have just added a yellow box around the support area I personally am looking to have the bulls defend. If this eventually caves, outside of psychological supports of $7k or 6k, I don't see much support until closer to $5000-5500 zone. Ideal scenario here in my opinion is this $7400-7750 zone can be re-tested a few times with bulls filling their bags and eventually providing a bounce and trend change with higher lows and higher highs.
Just My 2 Sats!
Just My 2 Sats!
