After the big drop yesterday it looks like we are bouncing back upwards once again. It looks like we are making a channel upwards which by my earliest analysis looks like an ABC corrective pattern which should result in another downward move. Unless it retests the lower trend-line I will be staying out of this trade until I see some sort of resolution.
There is a couple Fib price clusters around the $8790 marker so if it is an ABC correction I would be looking for termination of the C wave around that level. There is a lot of correlation around the market with this pattern as LTC has a similar pattern so I am looking at resolution to this pattern with more downside.
I will keep you guys informed as this move plays out. Have a great day and a better one trading.