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.
We
have fully retraced the last leg of the rally. So the market gave that back. The downside momentum is pretty strong. If it falls much further at this pace, the chart will look like an Eiffel Tower.
Sideways pullbacks are more reliably bullish. This is a tossup. A sign of life from the bulls would be nice. The 4-hour is heavily oversold.