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.
