Possible Scenario:
The market has reached a price level where it has previously found support, indicating buying pressure might be present again.
This support zone could potentially halt the recent price decline and lead to a bounce towards 12800.
Factors to Consider:
Strength of the Support: How strong the support zone is depends on past price action. If the price bounced off convincingly in the past, a bounce to 12800 becomes more likely.
Market Sentiment: Overall market sentiment can influence the bounce. If the general sentiment remains bearish, the bounce might be short-lived.
Volume: Higher trading volume during the bounce strengthens the possibility of a sustained price increase.
The market has reached a price level where it has previously found support, indicating buying pressure might be present again.
This support zone could potentially halt the recent price decline and lead to a bounce towards 12800.
Factors to Consider:
Strength of the Support: How strong the support zone is depends on past price action. If the price bounced off convincingly in the past, a bounce to 12800 becomes more likely.
Market Sentiment: Overall market sentiment can influence the bounce. If the general sentiment remains bearish, the bounce might be short-lived.
Volume: Higher trading volume during the bounce strengthens the possibility of a sustained price increase.