This really doesn't need a whole lot of explaining. We saw BTC bounce perfectly off of the 50-day moving average. It's now closing in on the 20-day moving average, which should act as resistance and a good area to go short or sell any longs. I believe bears are still in control and that this is just a typical bounce in the progression down to 9000.
If BTC has any chance of going higher, it has to get over the 20-day moving average that is now starting to turn down and that large red candle.