There appears to be a bit more upside with a possible recharge for bulls. BBands squeezing on higher time frames, oscillators have some room to run before topping out, shorts are eager and piled in on a volume spike and now outweigh longs, leaving a potential short squeeze on the table especially if they grow too quickly at the first sign of weakness. Looking at the 4 hr there is a weekly pivot at 7130 which will surely put up a good fight before it will break down but if it does break down in the short term I see it going as low as 6900. If this were to play out I would expect shorts to grow more anticipating a bull trap too soon. If that were to happen, depending on the level of fomo created, we could potentially see 7900, 8200 maybe but less likely. At that point i could see longs increasing as 7400-7600 is broken. Somewhere in this range I am expecting a nasty bull trap thus completing this wave up on the weekly and continuing the pattern of lower highs, followed by lower lows. I expect a breakdown beyond 5800 in a month or two.
