This is a short term view of the last 20 days (the distance between two vertical dotted lines is one month), i added an hypothesis where this daily trend will probably meet strong time and price resistance.
After the first attempt down to 9.75$ sellers failed to take control of this market, from there a second daily uptrend started and quickly broke the 10.6$ intermediate resistance. I think that 12.65$ will provide some resistance to this trend and it should be reached around the end of this month.
I don’t have a clear idea of the long term trend because the weekly moving average is now flat, a strong break out of my next target (12.65$) will confirm the integrity of the long term trend and it will force me again to open a long position.
To conclude, unlikely this market will drop to 7-8$ as i thought 2 weeks ago, i don’t see an aggressive selling activity for the moment, sellers probably need higher prices to show up.