Over the past week since price testing the $8,600 and was rejected price has been very stagnant, consolidation within the range of $8,310 - $8,075 for the majority of the time since price rejected this area. Consolidation periods are very common in any financial markets after aggressive moves in price, be sure to watch for any signs off a breakout of this region. The most likely of short term scenarios will be a break of this region and a retest of the $8,600 region.