As we consolidated over the past 48 hours I remained confident that we would trend toward $10,000. Today we have seen the price fall below the trend line and now I am less certain about an upcoming pump.
The range has tightened to the point that we are going to see a significant move one way or the other very soon.
If we breakdown then I expect us to retest the 0.382 FIB for support. The 50 day moving average should be waiting around that area as well. If support holds then that would be a good area to build a long position.
On the other hand if we do manage to maintain support above $8,800 then we should be in position to continue the trend up to $10,000.