Strong downward correction halted at trend line
and previous support around 13000. Showing impulsive/corrective moves with bears in control. If it gets back to 16000 the previous support level
could act as resistance this time also meeting the 20/50 EMAs which could push it down. Hard to tell with the volatility
of the fundamentals but technically this is a familiar pattern of trend change or at least start of a choppy sideways corrective phase or range for the short/medium term. It it breaks further technical levels are around 10800 and 7500. This is a largely fundamentally driven market but it can't be denied that technical levels and patterns are absolutely in play here. If the futures
traders and institutions have managed to take control of spot price then expect all kinds of fun and games - especially if you're on a CFD
platform with stops that they know about.