XBTUSD 1 hr Mex Chart: Bulltrap? Stop run? Retests to watch

We are retesting this hourly block from last week IMO, the spike last night was nice, but I'm pretty far from bullish at the moment. Watching how the retests of these highs goes. I would not be at all surprised to see another stop run up to $3920 and then a rapid dump for new lows. The red line at $3550 is the make or break level if we get down there. Anything short of a big bounce off that red line(possibly with a wick that goes lower) will mean we are in for much more blood.