Price decreased in the second part of the day and erased some of the morning impressive gains, the bulls look exhausted on the short term, so a minor retreat is favored.
Price could drop further in the upcoming day after the failure to reach and retest the first warning line (wl1) of the ascending pitchfork and the 0.7989 static resistance. Is moving sideways between the 0.7989 and the 0.7874 level, we’ll have a clear direction after a breakout from this range.
A valid breakdown below the upper median line (uml) of the minor ascending pitchfork will open the door for more declines in the upcoming weeks.
