If we put it on 1W timeframe, previous Lower High was in the 8400-8500 zone so we are currently waiting for a retest of this zone to plan our next trades. If it exceeds 8500, we can expect a 10k retest. If the price doesnt breakout, we can expect a pullback to 5k.
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The price touched 8350 (previous Lower High zone) and pulled back to 7800 in only 3 hours. That means we have a strong Resistance in that zone, but we are still not rushing into any trades. In my opinion, there will be multiple spikes to the Resistance and possibly even higher, but if the daily and especially weekly do not close above it, we are ready to SHORT. Be patient and preserve your capital. Dont rush into thinking we are in a bull market.
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Weekly candle closed below previous Lower High so we can expect a pullback. Take Profit targets: 1) 7400 2) 7000 3) 6300 4) 5600 5) 5000
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Reasons for getting in a SHORT position: 1) Support & Resistance (1W) - In the 1W timeframe 7800-8400 is a common support & resistance area 2) The price on 1W timeframe couldn't get above previous Lower High area 3) Candlestick Patterns close to the Resistance area are showing that the current trend is changing (4H) 4) Bearish Divergence (4h) - Price going up, RSI falling ; seen also on 1D & 1H