Another day of very little movement, but it's clear on just about every chart in the range of 1min - 4hr that we are in a downtrend. The highs for each significant price increase has been the result of a significant price drop, and on top of that, the highs have progressively getting lower.
Yesterday we saw a drop all the way down to 9300, and a bounce to 9400. For the last week or so we have been struggling to stay above and around 9500, but the price hasn't touched 9500 all day today. I feel that as long as we keep establishing lower highs, the price will continue to drop over time.
Since we've been trading horizontal for almost a full week now I'm not 100% confident in this analysis. I don't feel that there are crystal clear signs of the price going one way or the other. That being said, the price has been slowly decreasing which leads me to believe that we are looking at low-mid term bearish activity.
Yesterday we saw a drop all the way down to 9300, and a bounce to 9400. For the last week or so we have been struggling to stay above and around 9500, but the price hasn't touched 9500 all day today. I feel that as long as we keep establishing lower highs, the price will continue to drop over time.
Since we've been trading horizontal for almost a full week now I'm not 100% confident in this analysis. I don't feel that there are crystal clear signs of the price going one way or the other. That being said, the price has been slowly decreasing which leads me to believe that we are looking at low-mid term bearish activity.
