Bounced from around the expected level after what seems to be accumulation. There are most likely a lot of stops around $7600/$7700 region by now so if we go down there it will be a massacre and we probably will go straight to $7k.
In this market it's probably best to be prepared for a big move up or down and don't go in too hard on one price. I don't day trade much anymore and just wait for bigger moves with smaller positions. eg. 1% of balance on cross (100x) and wait to be at least $300 move in profit. If that position goes under then I add another 1% to it at an appropriate level and wait for that position to be at least $200 in profit before closing that portion of the total position. If that also doesn't work out I add 1% again and take profit if that position is at least $100 in profit.
This way my average buy-in keeps moving towards the current price and I still keep improving my position if I'm far under whilst also taking less risk the further under I am. Doing this on two accounts, one for shorts and one for longs. I also don't place limit orders to close positions anymore. I wait for the price to go past my target and then place a stop loss in profit and keep moving it with the price to make the most out of a big move.
I've closed all shorts for now and am slowly building up a long and taking partial profit on decent bounces. Will short again as a hedge only above $8000. Liquidation on my long account is currently around $5800 but I should only get in trouble if it goes straight down without any decent bounces.