The 200 moving average is currently providing support, however, in the form of a bear flag structure (better seen on the 1-hour chart below). If the 200 moving average breaks then i believe 8,000 is the next immediate target with a further significant decline likely due to validation of the bear flag structure and the March 9th bull trap.
There is significant resistance above in the 50 moving average, the top of the more aggressive channel, 10,000 and the top of the less aggressive channel.
There is significant resistance above in the 50 moving average, the top of the more aggressive channel, 10,000 and the top of the less aggressive channel.
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The bear flag structure seen on the 1-hour chart. Potentially about to break
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Comment:
1hr fakeout. 4hr candle closed back within the bear flag
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downside break and spill