The price action is currently hovering near the $515 zone, which coincides with the 0.618 retracement — acting as immediate minor support.
If this level fails to hold, we could see a short-term continuation toward deeper Fibonacci zones.
🔹 Support Structure:
$515 (.618 Fib) → Minor support. Losing this could trigger a quick selloff.
$482 (.706 Fib) → First strong support area; expect buyers to test momentum here.
$454 (.786 Fib) → Secondary support; deeper correction zone if sentiment weakens further.
$385 → Major support and potential reversal zone. If price reaches this area, it could mark a long-term accumulation opportunity.
🔸 Market Outlook:
Momentum remains cautious with sellers showing dominance near resistance zones. However, watch for volume spikes or bullish divergence on lower timeframes around the $482–$454 range, as that’s where potential short-term reversal setups could emerge.
As long as $515 holds, structure remains healthy for a possible bounce. A clean breakdown below it, however, would confirm weakness and open doors toward the next supports.
🧠Strategy:
Traders may consider scaling in gradually between $482–$454 with tight risk management, or wait for a confirmed retest above $515 for a safer re-entry.
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