Looks like we may have a potiental 4 hour pennant playing out on Gdax. If the pennant is confirmed, look for a bear break retesting $101. Followthrough is likely in that scenario. We will be trading in the mid-$90 range if this scenario plays out. Let's watch and see what the market does in the next 8-12 hours.
Looks like upper resistance of $104.15 has been hit several times on the hourly time frame forming preliminary resistance level. The support level is to be considered very weak because it hasn't been retested at $100.90. Look for establishing the lower range of this forming channel in the next day or so, or we will see continuation to lower lows.
On the daily chart we are seeing resistance on the Simple Moving Average. Unless the price can close daily above $126.50, it looks like we will be heading for another leg down.