Possible test of 16000 and further downside
Updated
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.
Note
Approaching 16000 previous support area - will be interesting to see if it pushes through or bounces for another leg down or some consolidation.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.