Bulls are hoping a 4H higher low can form this morning to give the setup for the trend change needed to give us a daily higher low. Those wanting to be aggressive bulls are entering and risking $150 for this potential setup, because if $7,157 breaks we know the setup is incorrect. Even if we would just be looking for a daily lower high, the reward is potentially 3X+ the risk. I personally will be entering a position for this play if I see an entry I like on the hourly chart. Hourly trend change is needed for the 4H higher low, and right shoulder, to be set.
Bears at this point are just patiently waiting for a daily lower high compared to the $7,870 top if not already in a position.