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.
Yeah exactly what this guy said.
OP posted its a failed rally...as the rally was still going on.
It may end up being a failed rally or it may not, we don't know yet, posting mid-rally and saying its not above a certain number yet so price is gonna tank is useless. Price right now is still holding around 8000 which means rally is still going. Rally looks fine so far, only time will tell whether it goes up or down from here.