Bulls having a hard time defending 8k
Yesterdays bounce was anything but spectacular at 38.2% fib and after breaking a long term trend line. A pull above 9 thousand however unable to recover horizontally, it looks like bearish momentum might drag it lower. I dont believe this correction to be over yet. When and IF the price reaches 6-7k, people might start fear selling, as is only natural in such a market. That being said It could form a double bottom at 8k and return to possibly 10k and recover above the trend, however I think its unlikely.
regardless of what happens midterm i think that short term is still headed for lower lows.
regardless of what happens midterm i think that short term is still headed for lower lows.
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