Lower volume than prior uptrend indicates weakness, if you take a look on the weekly chart you can also see bearish engulphing candle that took off 3 weeks of uptrend in just one candle, in fact 85% of the retracement was given in 24 hours, this is something that we can't ignore, selling preasure was way too high, and it will probably show up its power again between $6740/$6850, zone where we have a Strong horizontal resistance, plus 100 daily ma and 20 daily ma of bollinger bands. For now there are no signs of reversal, no bear divergences in smaller time frames either, this reversal is most likely to happen in 2 or 3 more days, before the weekly candle closes on sunday 16.
Comment:
Rally looking very weak already, $6595 resistance (blue line) looking stronger than expected, volume keeps low. I still expect to break 6k level close to the end of this week and go to new lows during next week. possible targets $5200/$5300
Comment:
In smaller time frames we can see an accumulation zone and a formation of a bear div in 2h time frame, this can take price right to the short zone between $6740/$6850