After a significant 15% bull move up very quickly on significant volume,
bears have made their stand with a double top at the high $10,800.
We are now watching consolidation on the 4H and 12H time frame to gauge if it is healthy to favor bullish continuation, or if the pullback becomes more significant and sets up an equilibrium.
The healthy outcome would result in the chart depicted playing out for continuation of the bounce.
If we were to fall back under $10k, the odds of an equilibrium heading into the weekend would increase.
Personally continuing to hold a smaller swing position, and a loss of the 4 hour uptrend would likely make me continue to exit this position.
bears have made their stand with a double top at the high $10,800.
We are now watching consolidation on the 4H and 12H time frame to gauge if it is healthy to favor bullish continuation, or if the pullback becomes more significant and sets up an equilibrium.
The healthy outcome would result in the chart depicted playing out for continuation of the bounce.
If we were to fall back under $10k, the odds of an equilibrium heading into the weekend would increase.
Personally continuing to hold a smaller swing position, and a loss of the 4 hour uptrend would likely make me continue to exit this position.
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