The support level was broken on the Daily timeframe on August 19 breaking through $7.68, and the trend is bearish now. The market has been in the correction wave for the last several days.
A pullback selling opportunity will appear after the correction is finished and a bearish candle is formed on the Daily timeframe.
If the downward movement continues, then the price can move towards target #1. It is the support level formed on July 25 – 27. Its borders are $6.71 – $6.52. If the new support is formed in the coming days, it will be the first target.
Short positions will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of August 10 – 15.
A pullback selling opportunity will appear after the correction is finished and a bearish candle is formed on the Daily timeframe.
If the downward movement continues, then the price can move towards target #1. It is the support level formed on July 25 – 27. Its borders are $6.71 – $6.52. If the new support is formed in the coming days, it will be the first target.
Short positions will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of August 10 – 15.