Still in a tight 4 hour range where we have seen a pretty clear battle between the bulls and bears.
If you have been watching the $8,290 level, we see the bears literally waiting there to market sell every time we get close.
This has happened two times in a row now and you can tell that is what is occurring because it is not like we hit a resistance level and stall out, we hit the level and then dump.
If we see a break of $8,065 support we will look for a bear cross of the 12 and 26 EMA on the 4 hour chart.
We would then look for a pullback to the daily higher low of support which is setting up for a little equilibrium.
We would have to see lots of bear volume to just dump down to a lower low on the daily.
Those in cash are patiently waiting for a break of the 4 hour range.
If you have been watching the $8,290 level, we see the bears literally waiting there to market sell every time we get close.
This has happened two times in a row now and you can tell that is what is occurring because it is not like we hit a resistance level and stall out, we hit the level and then dump.
If we see a break of $8,065 support we will look for a bear cross of the 12 and 26 EMA on the 4 hour chart.
We would then look for a pullback to the daily higher low of support which is setting up for a little equilibrium.
We would have to see lots of bear volume to just dump down to a lower low on the daily.
Those in cash are patiently waiting for a break of the 4 hour range.
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