Earlier today, I thought there was going to be a bull run as we saw nice short-term volume come in to take prices above $9,000 to top at $9,090. Bears saw this and instantly rejected, dumping tons of volume into the markets which ate up orders and pushed prices to a low of $8,644 in a little over an hour. From here, we will see if bulls want to buy this dip, or if it's a sign of a longer pullback coming.
I think we could see a pullback to test the $8,300 level. If that happens, bulls would need to defend or else we'd test $8,100.
A break of those two supports would likely mean huge changes in the short term trend, and I'd peg a longer pullback to play out -- to the $6,800 support and likely lower.
We've already seen the peak in weekly volume -- which already has RSI of high 70's -- and a pullback on the weekly is needed at this point to continue a long bull run.
That's all for now. Hope you all have a great Thursday!
