A strong bullish trend has been in place since May, with the price consistently moving along an upward-sloping trendline.
The recent price action indicates a potential reversal or pullback, with the price dropping significantly from its peak above $550.
A crucial support zone is identified between $510 and $515, which must hold to maintain the current uptrend.
A more significant support level lies between $493 and $500, and a drop below this range would signal a change in the overall market sentiment.
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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.