The ascending trendline has broken, and the outlook is now bearish.
The recent rally was largely driven by the liquidation of short positions, so the structure was fragile from the outset and vulnerable to a breakdown.
We now have two important downside targets:
🎯 78,500 — first target
🎯 75,200 — second target
Notably, both targets coincide with support levels and a moving average, so the price reaction there will be very important.
The recent rally was largely driven by the liquidation of short positions, so the structure was fragile from the outset and vulnerable to a breakdown.
We now have two important downside targets:
🎯 78,500 — first target
🎯 75,200 — second target
Notably, both targets coincide with support levels and a moving average, so the price reaction there will be very important.