It's already the night, yea, yea, yea. Here's some things I'm expecting and being aware of heading into later this evening and tomorrow morning....
From the bounce and run up this morning, we've maintained support and held candle closes above 55 EMA. However, we aren't fully out of the woods yet.
Support needs to be established above the low from earlier today. If not, this will just be a bigger bull trap and bear flag.
The order book shows HUGE buys in the $1,300 levels so I'd expect this to be the absolute low if the current pullback continues. This low would still be a higher low for the session and we'd still have the possibility of an up trend where we'd need to break a level of $1,381 to the upside for a new higher high.
Current price action is consolidating, but a break of $1,328 is what we're looking for if the bulls want to rally.
At this point it's still 50/50 which way we will see action. 5-minute RSI is slowly trickling upward, so that's hopeful for a break. I feel like the supports are holding and should have a good ability to hold, so some sideways trading action with a bull break is likely if I were to make a prediction.
4-hr and Daily RSI is still heading lower and in a down trend, so this is probably an accurate prediction of longer term movement. The rest of the market is cooling still, so it's likely that we could expect a similar scenario if the bulls fail to show up and push prices north.
Currently, my stop-loss is set just below the support from the pullback at $1,313.92.
Happy trading!