However, today is a different story.
The price action today is more bearish. The price moved below a trend line and back below the 100 hour MA (blue line in the chart above) currently at $7582.97. That MA is now risk for the sellers/a level to get back above for the buyers. Failure to do so, keeps the sellers more in control
On the downside now, the pair is testing the 200 hour MA (green line) at 7461.31. We currently trade at $7485. Trade and stay below would give the sellers more confidence and should lead to more selling from the longs on disappointment on the follow through buying today.
Looking at the daily chart below, the price action - relatively - has been contained over the last 14 or so days both from an daily basis and over that period (see red box on the daily chart below).
The trend line connecting lows (see red circles) comes in at $7149 and the low over the May and into June reached $7058.
