It is a very basic chart, but that chart that I posted from my Bitstamp account could be accurate for the short term, means this rally to 8.4k was a failed rally.
Also means it is likely we will see 6.5k soonish.
Well, it's not a failed rally until we give back what we gained. In this case it's actually quite bullish to see the price pull back a bit because seeing the price go up like this is unhealthy. You want support to be built over a fair amount of time, which we haven't been able to do with such a rapid surge.
We are not far away from a bullish cross between the 21EMA and the 50EMA on the daily. Last time we were about to cross the price dumped hard preventing the cross from happening. I would consider this a failed rally if it happens again. Then my target would be very low $6000's.
Gold is pulling back too. It fell from $1611 to now $1550. Utter joke for Bitcoin, but for such a liquid and high market cap asset as Gold it's a big deal.