Hello all and good morning to everyone.
Higher lows on the daily are making me believe we could be seeing re-accumulation happening at this critical resistance area. What we would look out for in the coming days/weeks is a another test of the resistance around 10k followed by a slow grind back down to the support level. It is very important we see volatility dropping off with this steady decline in price. Ultimately what we need from this pattern is a spring off the support and a strong upthrust into a show of strength. The spring should be a sizable drop off and If/when that happens we want a consistent rise in price with shallow pullbacks into supports. We want to see a clean break of the previous high and a revisit of it as support before reaching the 11k and 12k ranges.
PSY - Preliminary supply
BCLX - Buying climax
ST - Secondary test
UT - Upthrust
Spring - Swift, strong but short lived move to the downside
This is only my opinion and not trade advice.
Higher lows on the daily are making me believe we could be seeing re-accumulation happening at this critical resistance area. What we would look out for in the coming days/weeks is a another test of the resistance around 10k followed by a slow grind back down to the support level. It is very important we see volatility dropping off with this steady decline in price. Ultimately what we need from this pattern is a spring off the support and a strong upthrust into a show of strength. The spring should be a sizable drop off and If/when that happens we want a consistent rise in price with shallow pullbacks into supports. We want to see a clean break of the previous high and a revisit of it as support before reaching the 11k and 12k ranges.
PSY - Preliminary supply
BCLX - Buying climax
ST - Secondary test
UT - Upthrust
Spring - Swift, strong but short lived move to the downside
This is only my opinion and not trade advice.