scenario # 1 -If breaks support at $3,500 good chance to dump
to next major support at $3,200.
A dump of up to 16% could be realized for those wanted to short.
scenario # 2 - looking for a break out of descending
trend channel before the breech of the at
$3,500. The rally needs to be break a minor resistance
level $3600 if successful we would be looking at a rally to test a major resistance at $3,750.
This rally could see a potential gain of up to 7%, not very impressive to the Bulls unfortunately.
I feel scenario #1 seems more likely and would out my money with the Bears over the next 6 to 8 hours.
Good trading everyone :)
Looks it may continue down through the narrow trend channel eventually hitting the support at $3500. If it breaks I predict a dump to potentially $3200. Wish we had a crystal ball :)