Bulls lost their momentum. Failed to get through the .78 fib retracement from A T H and the .382 resistance from the sub 10k pullback. 84 proved too tough to close through with a double top at 8390. Bulls need to easily push above 7950 area and hold it, then consolidate within a small percent range if investor faith is to remain. 84 is a target to break if bulls expect a great amount of liquidity to enter back in the market.
A slight bounce up to 79 wouldn't be completely out of the question with RSI levels on the hourly and 4 hour and if 55-56 on daily holds. Possible start of consolidation now.
Bearish analysis- An Optimistic outlook 76+ area as a consolidation midpoint, less optimistic and more of what I predict is 7450 as midpoint trade range this week. 72 as a lower level if pullback continues.
Longer term- 67-68 psyche is key to hold if bears show up in full force. If broken I easily see new lows from A T H. Short open from 83 and keeping it there for now. Watching to see some bull strength.
Long term, I had expected this larger upward wave to top out at about 9k, but am not feeling very convinced anymore.
4 hour doji close with level of bull volume... Let's watch this.
A slight bounce up to 79 wouldn't be completely out of the question with RSI levels on the hourly and 4 hour and if 55-56 on daily holds. Possible start of consolidation now.
Bearish analysis- An Optimistic outlook 76+ area as a consolidation midpoint, less optimistic and more of what I predict is 7450 as midpoint trade range this week. 72 as a lower level if pullback continues.
Longer term- 67-68 psyche is key to hold if bears show up in full force. If broken I easily see new lows from A T H. Short open from 83 and keeping it there for now. Watching to see some bull strength.
Long term, I had expected this larger upward wave to top out at about 9k, but am not feeling very convinced anymore.
4 hour doji close with level of bull volume... Let's watch this.
