Not too many price action developments over the past 24 hours on the short term. We have started to see a small bounce from the $77k level of support I talked about yesterday.
If this bounce and rally can sustain, then it’s very likely we see a retest of the May lower high sitting at $82k-$83k.
But if we can’t hold this level, then we must watch for the final LTF level of support at $76k to hold strong. Otherwise, we will drop back into the low $70s.
Keep a very close eye on this chart as we head into the weekly close tomorrow.
