The purple short-term downtrend is keeping us down for a while now and we are also testing a couple of supports over and over and the question is, will they hold?

If we look at the 4 hours chart, we can see a clear down trend and support at $8900, this trend will be over this Monday the 6th and I'm expecting the market to decide which way we are going by Friday the 3rd.

If the support at $8900 fails, we will probably see a huge drop of about $1000 and hopefully the $8000 level will hold us.

What can we expect from this week then? I'm looking at the price bouncing up and down within the trend lines as you can see below in the 1 hour chart. We are at a very critical level and this week will probably decide if the next month will be bullish or bearish.

On the bull side, if we manage to break over the purple line we may see a nice uptrend up to the yellow line which is, as you may remember from my previous articles, our long-term down-trend.