Short term bad news for the bulls, it looks like we are heading for a retrace back to $6000. IF we stop at $6000 or $7250, medium term this will help establish a bottom or higher low and could move to a more aggressive bounce bull trend. My plan is to wait for this pull back to go a bit further, probably to the 1HR 50EMA ($8200) but maybe the 4HR ($8300). I'll then sell what I have gone long since the bounce plus a little more. The retrace may stop at the support at around 0.382 of the last leg ($7250), so I will watch for a bounce there. I'll look to buy back on a reversal at the $6000.
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4HR 50EMA rejected on first attempt. I want to see it try once more before I sell.
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Second attempt coming....
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I didnt take the short trade. Whilst $6k is not off the cards, is has become less likely. I've outlined why I think this here:
