Price recently broke below the support at $260 and is currently retesting the support at $240. MACD is showing bearish weakness, RSI is oversold and EMAs are bearish. Price should bounce from here aiming for the 10h supply also filling the imbalance below it as a short term target, however if it breaks below this support area then we would expect a bullish reversal from the major 12h demand zone at $230.
Price recently broke below the support at $260 and is currently retesting the support at $240. MACD is showing bearish weakness, RSI is oversold and EMAs are bearish. Price should bounce from here aiming for the 10h supply also filling the imbalance below it as a short term target, however if it breaks below this support area then we would expect a bullish reversal from the major 12h demand zone at $230.