Watch out y'all, bears are on the move. Bulls are still barely defending the 26-EMA support level. A bear break and close below this level would be pretty significant since bulls have been holding for months.
We're seeing some small periods of consolidation and oversold bounces here. However, I don't think this will continue. Even looking at the 1-minute chart shows bull volumes declining. Bears will return and push prices lower once again.
Ultimately, I think a test of $7,400 is going to happen soon, and then likely a test of $6,800 below that.
Should those levels break, we'll be looking at the $5k psychological support again....and then lower from there should that also fall.
Once again, nothing has really been propelling the markets besides people playing the trend, speculation, hype, etc... Of course in the bull markets is when we see "Price prediction" articles all over the internet.
Hopefully you're all still exercising proper risk management strategies. I know I personally already got stopped out which is ok. Not sure if/when I'll play a bounce.
