That 16 hour time frame for reversal to downward pressure was gathered from the 8h time frame. We will have to keep looking at higher time frames; such as the 12h and 24h; to get an idea if this reversal to downward pressure will be significant or only brief before continuing up more. What I’m seeing currently in the 12h and 24h tells me this current move up may be our last 16 hours before a reversal to downward pressure in order to go back down to test support once again around the $3,300 to $3,500 price range.
The reason I’ve labeled this a “Short” position is because of what I’m expecting in approximately 16 hours from now. Would there be any shame getting out within the next 6 hours? No shame at all getting out then. If it does continue going up again shortly after you get out, do NOT get lulled into another long position; only to get burned. It’s better safe than sorry. Especially, if trading on margin.