After the dump yesterday the bounce has not been very impressive for the bulls.
It is currently a potential bear flag on the 4 hour and even if the bulls can negate it and see bounce continuation, we still have 4 hour EMA resistance to deal with.
The bulls backs are against the wall and the bears are eyeing the 3 key daily and weekly support levels all within the next $500 down.
Bears are comfortably in their positions with no reasons to cover at this point, and bulls, like myself, are in no rush to enter positions.
I would be surprised if we break all these supports this week, I think some further tight daily trading the next couple days is most likely, but we are in a scenario where we are close enough to support that the bears could make their move at any point.
Bulls are patient and bears are confident has been the theme for the last couple months and that is where we find ourselves this morning.
It is currently a potential bear flag on the 4 hour and even if the bulls can negate it and see bounce continuation, we still have 4 hour EMA resistance to deal with.
The bulls backs are against the wall and the bears are eyeing the 3 key daily and weekly support levels all within the next $500 down.
Bears are comfortably in their positions with no reasons to cover at this point, and bulls, like myself, are in no rush to enter positions.
I would be surprised if we break all these supports this week, I think some further tight daily trading the next couple days is most likely, but we are in a scenario where we are close enough to support that the bears could make their move at any point.
Bulls are patient and bears are confident has been the theme for the last couple months and that is where we find ourselves this morning.
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