This means there is a lack of support when selling pressure kicks in, and as an example we dropped $400 and 5% last night in under 2 hours.
This certainly is concerning for bulls, but fortunately the dip was significantly bought.
We are now looking for an hourly lower high to be set on the declining bounce , and then a higher low to form after consolidation.
The break of the hourly equilibrium will dictate momentum heading into the weekend.
Break $8,000 and we will look for $8,250 quickly.