Its bleeding down from the 2.50 peak. It has a chance to hold here at 2.20 but I think it depends on the strength of the bounce from here. A strong bounce needs to climb back to 2.50 area ,so it can pullback and Hold strong at 2.35 area,like it failed to do this time. has to achieve this to generate bullish momentum from this 2.20 station. IF it only bounces from here to get capped around 2.35 area now,(IMO) it remains bearish at resistance and the bleeding down could maintain its selling momentum ,looking at lower targets.
If buyers dont think 2.20 is a great bargain, then we might see a weak bounce now, capping around 2.35 area ,not strong enough to retest 2.50, and the bearish bias gets stronger as a result. Buyers might become more eager to jump in at 2.10 or 2 dollars.
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