MONDAY
10-JUN
Price closed with a very bearish weekly candle and formed a swing high.
This could possibly set up a bear trap as sellers may think that the top is in.
If the range is established, price rejected its high and is heading towards the range EQ, around $7000.
The upside LQ is above LW high and seems far away right now.
The sell LQ is very close and price will likely target LW low next.
Even on the Daily, the upside LQ seems far away - above SUN high.
It looks like there is no buying pressure at the current levels and price is unlikely to rally before reaching the range EQ.
On LTF, price may rally up to around the $7800 resistance level, before dropping further down.
The LTF range EQ got rejected at the weekend and with the sell LQ building up, it's likely that the bearish momentum continues.
The only reason for price to rally would be to fill in the gap in the futures market.
Price gapped up at the open today, which could mean that sellers are picking up momentum and are seeking lower prices.