On a simple chart, the former support of $100 has now turned into resistance.
Looking at the most recent price movement, it appears that the price has formed a prospective ascending triangle , implying that buyers are entering on every dip. We received another rejection at $100 yesterday, so if you’re thinking about going long, this is a high-risk trade unless we see a reclaim of $100 as support.

The first area of attention is the $80 region, which has numerous levels of confluence. We could see another move down to establish another higher low.

Range point of control + daily support + 50-day moving average The ascending trendline provides support farther down.

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