Pullback Rejection From EMA And Price Resistance
We've seen a bounce from oversold conditions. Now, we have EMA resistance as well as a big price level resistance band to pass. This combined should produce enough of a resistance zone to make it so prices will see it tough to break.
Bulls have been weak lately, so I don't find it too likely that we will see a crush of this level. Likely, this is just the bounce before pulling back and testing the crucial $6,800 level. If this level breaks, I am almost certain we will see a new trend low in the mid $5,000's.
We're back on defense, so play cautiously!
Wow 5000s < I was thinking 6300 ish on the low side But more likely that 6800 level , Anything is possible though , I do hope we are close to a change
At this point, I think we are all confident that $6,800 will be tested. If it fails, I think this is enough of a red flag for me to know that we haven't reversed the down trend and the bulls are on the fun once again. If this support holds and we see some upward momentum from here, we have a case for a higher low set and a chance to make a higher high.