I believe there is a possibility for continued downside.
Reasons: price dropped after almost 2 weeks of consolidation, the current rise seems like nothing more than a retest of resistance/ breakout retest.the monthly chart has 3 consecutive monthly rejections and isn't bouncing up aggressively off support. A breakdown from the psychological 9k level could trigger fear and panic selling in my opinion there is also the possibility, price doesn't reach the 10k area , but i think lowest risk entry is 10k with a possible upside risk of 11k. Also as soon as the 9k area is breached it confirms a bearish scenario on higher tf with a new lower low and consecutive lower highs. Although i do think there is a possibility to see a bounce off my target area , i do expect the mid 7k area to hit mid September, if off the bounce fails to make a new high above 11k in my opinion. Not advice, just a thought, happy trading
Reasons: price dropped after almost 2 weeks of consolidation, the current rise seems like nothing more than a retest of resistance/ breakout retest.the monthly chart has 3 consecutive monthly rejections and isn't bouncing up aggressively off support. A breakdown from the psychological 9k level could trigger fear and panic selling in my opinion there is also the possibility, price doesn't reach the 10k area , but i think lowest risk entry is 10k with a possible upside risk of 11k. Also as soon as the 9k area is breached it confirms a bearish scenario on higher tf with a new lower low and consecutive lower highs. Although i do think there is a possibility to see a bounce off my target area , i do expect the mid 7k area to hit mid September, if off the bounce fails to make a new high above 11k in my opinion. Not advice, just a thought, happy trading