Bulls have been making great upside lately. We are seeing a bounce still playing out. We aren't out of the woods yet though and we can clearly see a lower low. Bulls will need to rally and break $12,444 to attempt to reverse this trend right now.
On the daily, we're basically looking for a bounce now that the lower low has been set. Since we saw lower highs on each daily bar, we're hoping that bulls will rally to make a higher high and show that this is just a bull flag after a long period of upside.
Lots of resistance is up ahead though at the $11,600-$12,200 level.
It's finally looking like some increasing bull volume now. If this upside continues, I'd expect we see a bit more.
Longer term, I'm definitely thinking we will consolidate in this level, unless we can see more bulls step in to take prices back up. Otherwise, this really looking like some consolidation over the next few weeks.
Have a great night!
