Well, I'll admit I predicted wrong about consolidation happening. I thought we'd see some sideways tightening action leading to mid-week.
Now, we're looking at another higher high with yes, another lower high in RSI. Potential pullback? I'm scared to say, but looking at the daily and weekly charts, I think this move is pretty unsustainable without a big correction to compensate.
If there's a pullback, what's the floor likely to be? I think if we saw more strength at the $6,000 level that would be the bottom floor. Typically when a move breaks the resistive ceiling that held support for a year, we'd see that hold up again. This market has me confused though. The typical trading scenarios don't seem to be really applying here.
Coming into the close, we've definitely been seeing a pullback to erase a lot of the big gains from the day. Bear volume might be increasing on the shorter charts (looking that way so far).
Enjoy these gains for now! Ultimately I think we will see a pullback to establish support on the weekly.
