The general direction of the trend is marked by the three moving averages. The is falling but the price remains high, indicating continued buying pressure. If the price falls past the first support then the second area ‘Potential support No.2’. Should come into play, with the moving averages coinciding with the recent highs as support.
At the moment it almost reads like a 50 / 50 chance of a breakthrough versus and fall through.
Overall though the trend is with some short or medium term selling pressure. Therefore I’m waiting for a better time to enter, where my risk to reward ratio is much better. If the price suddenly spikes above $5950 before retracement then I may enter.