Recent Trend:

Price is hovering around $712.15 and is above most of the EMAs (7, 34, 90, 200). This suggests that the short-term trend is bullish.

Fibonacci Levels:

Important Resistance Levels: 0.786 ($665.70) and 1.0 ($792.85).

Potential Support Levels: 0.618 ($565.88), 0.5 ($495.77), and 0.382 ($425.65).

Forecast Model:

As per the sketched lines, the price is expected to drop to $606.44 (the nearest support) before rebounding.

Forecast:

If price breaks above $665.70 and holds, the uptrend will resume.

If the price breaks the $606.44 support, a deeper correction is likely.

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