The gains of Sunday have been totally erased this Monday. The two moves happened in a short amount of time. This high volatility is currently in favor of the bears.
Current support/resistance: $8'600/$9'000
The buyers failed to counter the selling pressure that pushed the price down yesterday. However, close to the $8'600 support, the buying pressure was sufficient and the price didn't fall to the next level of $8'500 which is currently the aim of the bears. We could expect a recovery in the short term if a close above the $9'000 level and the 20 days moving average, currently around $9'050, was to happen. Right now, the bears are still in power and we can expect further drop to the next support.
The indicators show a downtrend as well, the MACD line continues to diverge from the signal and the price is below the 200 days moving average.
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