1. The primary trend remains bullish, so the current decline is being viewed as a pullback rather than a confirmed trend reversal.
2. The 2.8% pullback since August 14 is relatively shallow, suggesting that sellers have not yet taken control.
3. Price is now approaching the $7,600 support area, where buyers could potentially step in.
4. A complex pullback structure appears to be developing around this support zone. If the structure resolves to the upside, it could signal a continuation of the broader bullish trend.
5. If buyers successfully defend $7,600 and price starts making higher highs and higher lows, the next major upside target could be around $8,000.
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