The grey dashed lines suggest we are forming a triangle upwards while the blue shows a descending triangle.
The short-term market is certainly bullish so this could break upward to challenge that resistance around $8400 but the volumes are weak so I think it's more likely to break down from these or if it does push up it'll bounce right off.
If we do go up the long-term EMA is sitting right around 8400 so it's going to be a tough-nut to crack. I still think we need a larger retrace (7500) to consolidate and take a bigger run at this.
Either way, wait for a breakout before taking a position and keep those stops tight.
The short-term market is certainly bullish so this could break upward to challenge that resistance around $8400 but the volumes are weak so I think it's more likely to break down from these or if it does push up it'll bounce right off.
If we do go up the long-term EMA is sitting right around 8400 so it's going to be a tough-nut to crack. I still think we need a larger retrace (7500) to consolidate and take a bigger run at this.
Either way, wait for a breakout before taking a position and keep those stops tight.