We have finally seen a push in a particular direction today as price fell out of the consolidation range price created after rejecting the $8,600 region. After such a major market manipulation a pullback or sell off was inevitable. Price has since continue to trade below to support level of $7,800, looking to push lower towards the next support level of $7,200.

The 4hr chart shows that price was able to break and close below the previous support of $7,200. Price has also rejected the 200ema at this level which is another indication we could see price continue this push to the downside. If this bearish movement is to continue my short term target is to $7,200. This could be a positive in the long run by giving the market some time to breathe and also to potentially create a lower high.