I posted yesterday on being cautious about going long at this level.
Price has been holding above this support structure for quite some time.
But the lack of buying at this price leads me to believe that we are slowly receding back again to the 7000 levels.
It looks tempting to jump in short here and keep a tight stop above 9600USD.
But, I'm going to follow up with the order I placed yesterday below the bounce for confirmation that we are indeed looking at a deeper retrace.
We could still be consolidating at this level for some time, and I just don't want to get caught in that.
Bullish would be above 10,300USD.
Price has been holding above this support structure for quite some time.
But the lack of buying at this price leads me to believe that we are slowly receding back again to the 7000 levels.
It looks tempting to jump in short here and keep a tight stop above 9600USD.
But, I'm going to follow up with the order I placed yesterday below the bounce for confirmation that we are indeed looking at a deeper retrace.
We could still be consolidating at this level for some time, and I just don't want to get caught in that.
Bullish would be above 10,300USD.
