The $800 support level has demonstrated significant strength, providing a reliable foundation for the current rally. Price action is now ascending from this level with clear bullish momentum.
Our primary expectation is a continuation of this move toward the first major resistance zone near $1,000. This represents the initial upside target from the current structure.
However, a critical risk factor must be acknowledged. The $800 level has now been tested multiple times. In technical analysis, a key support tested repeatedly without a significant rally can become weakened or degraded. Therefore, should price reject from the $1,000 resistance and retest $800 once more, the probability of a breakdown increases substantially.
Contingency Scenario: A decisive daily close below the $800 support would invalidate the immediate bullish structure and likely trigger a sell-off toward the next significant historical support zone near $700. Any long-term bullish reversal would then be expected to originate from that deeper level.
Summary: Bias is cautiously bullish toward $1,000 while $800 holds. A failed breakout and return to $800 would shift our view to neutral/bearish, targeting a move to $700 before reassessing for a new bullish opportunity. Volume confirmation on any directional move will be key.
DISCLAIMER: ((trade based on your own decision))
<<press like👍 if you enjoy💚
