The weekly charts are clearly bearish with lower Tops and Lower Bottoms in place. The rally we saw the last few weeks retraced almost 38.2% of the move down and is now clearly Overbought on the Lower Time frames.
A downtrend with an overbought wave is a very good place for a Top to form and short positions to be initiated. We have our first Bearish reversal candle in play and aggressive traders could start opening short positions on a move below 8000 and a stop above 9200.
personally I would prefer to see a second bearish reversal candle to confirm. Would be interesting to see what News will trigger this second candle. Calls for more regulation perhaps?
A downtrend with an overbought wave is a very good place for a Top to form and short positions to be initiated. We have our first Bearish reversal candle in play and aggressive traders could start opening short positions on a move below 8000 and a stop above 9200.
personally I would prefer to see a second bearish reversal candle to confirm. Would be interesting to see what News will trigger this second candle. Calls for more regulation perhaps?
Trade active:
The 8000 level has been penetrated - the bulls must be sweating now.
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